AusBN – Retailer Coles Express has announced that it is terminating its subscription to a petrol price sharing information service that is claimed to reduce competition.
According to the Australia Competition and Consumer Commission (ACCC), the service offered by Informed Sources allows retailers to tell each other their petrol prices, and potentially increase them without risk of being undercut.
Coles Express will end its subscription to Informed Sources once its current contract expires in April 2016.
ACCC chairman Rod Sims said he appreciated the retailer’s decision to cut ties before a court hearing was necessary.
He added: “The ACCC considers this to be an extremely positive step towards increasing competition in the petrol market, and is pleased to see this independent initiative.”
The ACCC has launched a Federal Court case against petrol retailers still using the service, including BP Australia, Caltex Australia, 7-Eleven and Woolworths, which will go to trial in February 2016.