Petrol Firms Fined 43 Million Eur for Price Fixing

Cyprus Commission for the Protection of Competition (CPC) has fined  the four largest petrol firms a total of 43 million euros (about 63 million U.S. dollars) for allegedly fixing retail prices. Exxon-Mobil has already announced that it will appeal the decision.

The commission said yesterday that the biggest petrol retailer Hellenic Petroleum was fined 14.5 million euros. It was followed by 13 million euros for Exxon Mobil, 12.5 million euros for Petrolina and 2.7 million euros for Lukoil.

The penalties were in relation to their alleged violations of the Protection of Competition Law that took place between October 2004 and December 2006, in which they are accused of colluding in raising petrol prices.

The fines represent seven percent of the annual turnover of each firm in 2005.