Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 488.15
Bid: 487.80
Ask: 488.10
Change: 2.90 (0.60%)
Spread: 0.30 (0.062%)
Open: 485.25
High: 488.80
Low: 485.20
Prev. Close: 485.25
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Australia investigating service stations for possible failure to pass on oil plunge

Thu, 15th Jan 2015 01:25

SYDNEY, Jan 15 (Reuters) - Australian authorities said onThursday they would start investigating petrol stations withoutwarning for possible price fixing after a lawmaker accused someof failing to pass on huge falls in the oil price to consumers.

The probe will put additional pressure on firms like ChevronCorp and its half-owned retail subsidiary CaltexAustralia Ltd, Britain's BP Plc and Dutch Vitol which dominate Australia's service station industry.

It may also impact large domestic retailers like supermarketcompanies Woolworths Ltd and Wesfarmers Ltd's Coles, which run customer loyalty programmes that rely on fueldiscounts.

Already they have watched the price of petrol that consumerspay at the pump slide by more than a third since July last yearas the spot price of oil plunged amid concerns of globaloversupply.

But the Australian government earlier this month saidservice stations in some regional areas seem to have cut pricesby less than those in cities, where there is more competition,and ordered a three-year investigation into how they decideprices.

On Thursday, the Australian Competition and ConsumerCommission said it would use its compulsory informationgathering powers to produce eight reports a year on petrolpricing, up from one currently, noting that the gap betweenregional and city prices has tripled since July.

"That is very hard to understand and we are very concernedabout that," ACCC commissioner Rod Sims told reporters.

"Whatever justification there is for the gap between cityprices and rural prices, once you get a reduction in theinternational price of petrol, that should flow on generallythroughout the country."

A BP spokeswoman said the company had supported the ACCC'sfuel price monitoring program since it started producing annualreports in 2008. A Woolworths spokesman declined to comment.Caltex, Vitol and Coles did not immediately respond to requestsfor comment.

Petrol pump prices are not regulated in Australia but theACCC has used anti-cartel laws to fight price fixing by largeplayers.

In August last year, the regulator launched Federal Courtaction against petrol price information service Informed Sourcesand several retailers, alleging they were collaborating on pricemovements.

Informed Sources has maintained it is a private companywhich collects information from its own surveys and petrolretailers, based on publicly available information. (Reporting by Byron Kaye; Editing by Joseph Radford)

More News
30 May 2024 20:55

Trinidad court recognizes ConocoPhillips' $1.3 bln claim against Venezuela

May 30 (Reuters) - A Trinidad and Tobago court order has granted ConocoPhillips the right to enforce a $1.33 billion claim against Venezuela for past expropriations, a decision that could complicate proposed offshore gas ventures between Trinidad and Venezuela.

Read more
29 May 2024 21:16

BP, Trinidad's NGC receive US license for gas development with Venezuela

May 29 (Reuters) - British oil major BP and Trinidad and Tobago's state energy firm NGC have received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad's energy minister said on Wednesday.

Read more
27 May 2024 11:00

BP, EOG Resources in talks to jointly develop Trinidad gas field

May 27 (Reuters) - Oil major BP and U.S. shale producer EOG Resources are in discussions to jointly develop a natural gas field off the coast of Trinidad and Tobago, the British company said.

Read more
25 May 2024 17:56

South Africa's Central Energy Fund acquires Durban refinery land, assets

CAPE TOWN, May 25 (Reuters) - South Africa's state-owned Central Energy Fund has acquired land and assets at the country's largest refinery which has been out of operation for the last two years, the energy ministry said on Saturday.

Read more
23 May 2024 21:40

Republican-led states ask Supreme Court to quash Big Oil climate lawsuits

May 23 (Reuters) - Nineteen Republican attorneys general have filed a rare complaint directly with the U.S. Supreme Court asking it to block several Democratic-led states from pursuing climate change-related litigation against major oil and gas companies in state courts.

Read more
22 May 2024 21:54

US lawmakers urge Justice Department to probe climate deception by Big Oil

May 22 (Reuters) - U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate whether the industry deceived the public about fossil fuels' impact on climate change.

Read more
22 May 2024 02:00

British firms expecting hard time in China market, lobby group warns

BEIJING, May 22 (Reuters) - British firms expect doing business in China to become harder over the next five years, a British business lobby group said on Wednesday, as Beijing strives to halt a retreat in foreign funds from a market once seen as the engine of global growth.

Read more
22 May 2024 00:01

US Cash Products-Chicago RBOB surges after refinery issues

NEW YORK, May 21 (Reuters) - Cash differentials for RBOB gasoline surged on Tuesday after a refinery that has faced operational issues in recent days bid higher for supplies, traders said.

Read more
16 May 2024 17:53

European shares snap nine-day winning streak as Siemens weighs

Roche gains on obesity drug results from early-stage trial

*

Read more
16 May 2024 17:33

FTSE 100 ends lower on disappointing corporate updates, BT Group soars

BT Group up after CEO aims for more than double free cash flow

*

Read more
16 May 2024 16:54

LONDON MARKET CLOSE: Europe struggles but record highs in New York

(Alliance News) - Large-cap European equities closed lower on Thursday, underperforming New York counterparts, which continued to push higher following Wednesday's softer US inflation data.

Read more
16 May 2024 16:53

London close: Stocks mixed as ex-divs drag on FTSE

(Sharecast News) - London stocks ended mixed on Thursday, following a flurry of corporate news and a focus on US unemployment figures.

Read more
16 May 2024 12:53

Costain says confident of long-term prospects amid contract wins

(Alliance News) - Costain Group PLC on Thursday said trading in the year to date is in line with expectations, underpinned by a number of contract wins.

Read more
16 May 2024 09:02

Indonesia expects oil and gas investments to rise 29% to $17 billion in 2024

BANGKOK, May 16 (Reuters) - Indonesia expects investments in its oil and gas sector to rise 29% in 2024, the chairman of regulator SKK Migas told Reuters, as it races to ramp up drilling and exploration following the recent exits of global giants Shell and Chevron.

Read more
14 May 2024 21:40

Federal regulators sign off Venture Global's repairs at Louisiana plant

HOUSTON, May 14 (Reuters) - U.S. federal regulators said on Tuesday they are satisfied that Venture Global LNG is trying to correct faults at the heat recovery steam generator (HRSG) at its Calcasieu Pass LNG export plant in Louisiana and expects the work to be completed in the timeline promised by the exporter.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.