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Share Price Information for BP (BP.)

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Share Price: 489.30
Bid: 489.05
Ask: 489.10
Change: -7.65 (-1.54%)
Spread: 0.05 (0.01%)
Open: 491.70
High: 492.90
Low: 485.55
Prev. Close: 496.95
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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)

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8 Mar 2024 12:20

IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

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8 Mar 2024 10:33

BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

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4 Mar 2024 15:29

London close: Stocks languish ahead of Wednesday's Budget

(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.

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4 Mar 2024 10:43

Jefferies upgrades BP to 'buy'

(Sharecast News) - Jefferies upgraded BP on Monday to 'buy' from 'hold' and lifted the price target to 570p from 520p.

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4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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4 Mar 2024 08:55

LONDON MARKET OPEN: Review cuts Hipgnosis Songs Fund valuation

(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

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4 Mar 2024 07:41

LONDON BRIEFING: Stocks called down; attention on UK's spring budget

(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

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22 Feb 2024 09:49

LONDON BROKER RATINGS: Berenberg raises Moneysupermarket.com to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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15 Feb 2024 16:52

LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

(Alliance News) - Stock prices in London closed higher on Thursday, after data showed that the UK economy slipped into recession in the final quarter of 2023, buoying hopes for interest rate cuts from the Bank of England.

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15 Feb 2024 14:55

London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

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15 Feb 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

(Alliance News) - The FTSE 100 tread water on Thursday afternoon, as share price declines for some of London's heavyweights offset a strong start for the index, which got a boost from Bank of England rate cut hopes.

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15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

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14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

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14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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