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Share Price Information for BP (BP.)

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Share Price: 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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TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

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(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

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New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

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