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Article: Cyprus: Petrol companies reject 42.5 million fine.
- Article from:
- TendersInfo
- Article date:
- October 1, 2009
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PETROL companies operating on the island yesterday said they would appeal 42.9 million they have been fined by the Commission for the Protection of Competition (CPC) for price-fixing and cartel-like behaviour.
In August, the CPC found the four - EKO Hellenic Petroleum, Petrolina, Lukoil and Exxon Mobil - guilty of concerted practice , a term meaning the informal and tacit understanding between firms to influence the conduct of the market.
The violations refer to the period from October 2004 to late 2006. The heaviest fine was imposed on EKO - 14,269,000 while Exxon Mobile will have to pay 13,366,000. Petrolina was fined 12,562,000 and Lukoil 2,707,000. ...