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    BP.   GB0007980591

BP PLC

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UK Government Suspends Competition Law to Tackle Fuel Supply Crisis

09/26/2021 | 11:51pm EDT

By Jaime Llinares Taboada

The U.K. government has exempted the fuel-retail industry from a competition law in order to ease the supply issues affecting the country's petrol stations.

Following a meeting with industry executives, the government on Sunday evening agreed to temporarily exempt companies from the Competition Act 1998 for sharing information and optimizing supply.

"While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains. This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised," Business Secretary Kwasi Kwarteng said.

On Friday, the U.K. Petroleum Industry Association admitted temporary forecourt grade-outs in parts of the U.K., caused by delays in the supply chain due to haulier driver shortages.

On Thursday, BP told Dow Jones Newswires that it was experiencing fuel supply issues at some of its U.K. retail sites, with "a handful" of sites temporarily closed due to a lack of unleaded and diesel grades.

Earlier this weekend, the U.K. government announced increases in heavy goods vehicle testing, short-term visas for HGV drivers and new HGV skills bootcamps.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-27-21 0151ET

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.40% 359.2 Delayed Quote.41.54%
EXXON MOBIL CORPORATION 1.48% 65.26 Delayed Quote.56.11%
ROYAL DUTCH SHELL PLC -0.05% 21.145 Real-time Quote.44.76%
WINCANTON PLC -2.59% 376 Delayed Quote.50.78%
WTI 1.03% 84.593 Delayed Quote.70.78%
XPO LOGISTICS, INC. 0.35% 86.7799 Delayed Quote.-27.60%
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Analyst Recommendations on BP PLC
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Financials (USD)
Sales 2021 171 B - -
Net income 2021 13 857 M - -
Net Debt 2021 39 145 M - -
P/E ratio 2021 7,30x
Yield 2021 4,35%
Capitalization 98 600 M 98 749 M -
EV / Sales 2021 0,81x
EV / Sales 2022 0,81x
Nbr of Employees 63 600
Free-Float 94,0%
Chart BP PLC
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BP plc Technical Analysis Chart | BP. | GB0007980591 | MarketScreener
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 4,96 $
Average target price 5,27 $
Spread / Average Target 6,08%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BP PLC41.54%98 718
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RELIANCE INDUSTRIES LTD31.05%220 378
CHEVRON CORPORATION34.81%220 176
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NESTE OYJ-13.69%45 538