ACCC questioning Woolworths buy of BP Australia

Company News

by Jessica Amir

The Australian Consumer and Competition Commission (ACCC) has announced preliminary concerns about Woolworths (ASX:WOW) proposed purchase of BP Australia as it could impact consumers petrol prices.

The ACCC says the proposed acquisition could substantially lessen competition for consumer fuel supply in metropolitan areas.

The body says Woolworths already influences retail fuel market prices by either leading with price reductions or quickly following other retailers by reducing their prices.

It also raised another concern about the purchase effecting convenience groceries.

Woolworths says it will work with BP and the competition regulator to progress the clearance.

Shares in Woolworths (ASX:WOW) are trading 0.56 per cent lower to $26.82.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.