Oil majors including Russia's Lukoil, Anglo-Dutch Shell and Austria's OMV formed a cartel to fix petrol and diesel prices, the country's competition watchdog said Monday after a lengthy investigation. The actions by the six firms, which also included Greece's Hellenic Petroleum, Serbia's Nis Petrol and Bulgarian Petrol "led to elimination of competition," the Commission for Protection of Competition (CPC) said.
The commission's conclusion is final but the companies have 30 days to file written objections or to request a hearing before legal proceedings begin, it said. If proven guilty, the six companies can face fines of up to 10 percent of their annual turnover. Romania's Rompetrol, which was also initially included in the probe which began in February, was not mentioned in the statement on Monday. Consumer organisations have long accused oil firms of keeping fuel prices artificially high and not reflecting fluctuations on the international wholesale markets.
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