The discussion over fuel pricing has become increasingly heated in recent weeks as the wholesale price has risen.
Fuel retailers have criticised the government for using “inflammatory” language, after the government said it would clamp down on any retailers who tried to “rip off” customers.
The Competition and Markets Authority has said it will step up its monitoring of a sector.
Leighton said Asda’s profit margins were down as a result of the recent spike in prices and that it was “very clear” there was no profiteering.
“The government is getting a lot of money off the back of this, and before they start accusing people of profiteering, just in my book, there’s no credibility in any of it,” Leighton said.
“You don’t have to be Einstein to work out that that actually is impossible in the current situation.
“I think the government needs to look at what it is doing instead of pointing the finger at everybody else,” he added.
While fuel duty is imposed at a flat rate, the government levies VAT on the overall retail cost of petrol and diesel, which means higher prices boost tax revenues.