Australian retailer Coles Myer is reported to be in talks to buy petrol company Shell Australia’s entire retailing operations in order to compete with rival Woolworths.

Shell Oil could sell its Australian petrol stations and convenience stores to the food retailer for at least A$250m (US$151.9m), reported the Australian Financial Review, citing industry sources.

If a full takeover deal were to go ahead, Coles Myer would become the leading petrol retailer in the country, with around 27% of the market.

Coles Myer’s main rival Woolworths has increased its sales recently by offering discounted fuel to customers who shop in its supermarkets.

Shell Australia declined to comment on the speculation.

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