Coles’ petrol pricing under ACCC scrutiny
The Australian Competition and Consumer Commission is watching petrol prices at Coles Express amid claims the retailer is subsidising grocery discounts by charging higher prices at the pump.
Chairman Rod Sims said the ACCC was looking at reports that Coles Express fuel prices were 2¢ to 3¢ a litre higher than average market prices and the extra profit margin was being used to bolster earnings in Coles’ food, liquor and convenience store business as the retailer reduced grocery prices.
"We do keep a close eye on these things," Mr Sims told Fairfax Media on Thursday.
"There’s some sense that rather than reducing petrol prices they are, if anything, doing the reverse at the moment. What we’re seeing rather anecdotally is consistent with the Deutsche Bank report. But it’s too early to tell." Sydney Morning Herald – Read more…
Chairman Rod Sims said the ACCC was looking at reports that Coles Express fuel prices were 2¢ to 3¢ a litre higher than average market prices and the extra profit margin was being used to bolster earnings in Coles’ food, liquor and convenience store business as the retailer reduced grocery prices.
"We do keep a close eye on these things," Mr Sims told Fairfax Media on Thursday.
"There’s some sense that rather than reducing petrol prices they are, if anything, doing the reverse at the moment. What we’re seeing rather anecdotally is consistent with the Deutsche Bank report. But it’s too early to tell." Sydney Morning Herald – Read more…
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