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    BP.   GB0007980591

BP PLC

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UK Government Suspends Competition Law to Tackle Fuel-Supply Crisis -- Update

09/27/2021 | 01:30am EDT

By Jaime Llinares Taboada

The U.K. government has exempted the fuel-retail industry from a competition law to ease the supply issues affecting the country's petrol stations, as BP PLC confirmed that one-third of its U.K. network had run out of fuel.

After a meeting with industry executives, the government on Sunday 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 minimized," Business Secretary Kwasi Kwarteng said.

In a statement distributed on Sunday, BP confirmed that around 30% of its U.K. sites didn't have either of the main grades of fuel. Supply problems were exacerbated by "intense demand" over the weekend, with U.K. drivers running to buy fuel amid fears of shortages. The energy company said it was working to resupply as quickly as possible.

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

The U.K. Petroleum Industry Association on Friday said that some forecourts had temporarily run out of grades of fuel due to delays in the supply chain due to hauler 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.

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

(END) Dow Jones Newswires

09-27-21 0330ET

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.34% 355 Delayed Quote.39.80%
EXXON MOBIL CORPORATION 0.26% 62.8601 Delayed Quote.52.09%
ROYAL DUTCH SHELL PLC -0.57% 20.82 Real-time Quote.43.29%
WINCANTON PLC 0.81% 375 Delayed Quote.45.31%
WTI 1.30% 83.405 Delayed Quote.73.60%
XPO LOGISTICS, INC. 1.29% 86.12 Delayed Quote.-28.67%
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Analyst Recommendations on BP PLC
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Financials (USD)
Sales 2021 172 B - -
Net income 2021 13 895 M - -
Net Debt 2021 39 109 M - -
P/E ratio 2021 7,23x
Yield 2021 4,40%
Capitalization 97 635 M 97 454 M -
EV / Sales 2021 0,80x
EV / Sales 2022 0,80x
Nbr of Employees 63 600
Free-Float 94,0%
Chart BP PLC
Duration : Period :
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 4,91 $
Average target price 5,27 $
Spread / Average Target 7,18%
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 PLC39.80%97 804
EXXON MOBIL CORPORATION52.09%265 402
RELIANCE INDUSTRIES LTD32.10%222 694
CHEVRON CORPORATION32.32%216 095
CHINA PETROLEUM & CHEMICAL CORPORATION13.54%79 892
NESTE OYJ-14.27%45 356