Oil giants fixed prices in SA

Johannesburg - South Africa's anti-competition watchdog says that a number of international oil giants, including Chevron and Shell, are facing hefty fines for price collusion, a punishable offence in South Africa.

South Africa's Competition Tribunal, which investigates companies' competition conduct, said on Monday that between 2000 and 2009 oil companies Chevron, Shell, Engen, Total, Masana, Sasol and Tosas colluded in fixing their products' prices.

The tribunal confirmed it will impose a 10% penalty on some of the oil firms.

Masana has been fined R13m, it says. Sasol and its subsidiary, Tosas, were exempted after co-operating in the probe.

Reaction from the oil companies was not immediately available.

- AP