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Caltex snatches up Woolworths petrol as BP’s $1.8b deal collapses

Article image for Caltex snatches up Woolworths petrol as BP’s $1.8b deal collapses

BP’s $1.8 billion bid to purchase the Woolworths petrol sites is officially off the cards.

The Australia Competition and Consumer Commission rejected the offer from BP, who have now walked away from the deal.

The next-best option for the supermarket giant was to rework its 22-year relationship with Caltex, who have extended its fuel supply agreement with Woolworths for a further 15 years.

Australian Convenience and Petroleum Marketers Association CEO Mark McKenzie tells Ross Greenwood the sector is transforming to focus more on convenience.

“These businesses are diversifying from just to focus on fuel to bringing in convenience.”

“Traditionally, fuel has been heavily discounted by the profits that have been earned from the convenience side.

“We’re now almost seeing supermarket prices start to appear in those small store formats and we’re seeing growth in that convenience sector as people are moving to look at service stations for more than chips, chocolate and drinks.

“They’re going to buy fresh food, yogurt, breakfast.”

Click PLAY below to hear the full interview 

Brooke Corte
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