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Oil giants charged with price-fixing

Oct 24 2012 14:35 Reuters
petrol price

A Sasol petrol station (AFP)

Company Data

Sasol Limited [JSE:SOL]

Last traded 619.98
Change 1.83
% Change 0.00
Cumulative volume 430275
Market cap 403.39bn

Last Updated: 16/09/2014 at 02:58. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - The Competition Commission said on Wednesday it had brought charges of price-fixing against the local units of major oil companies including Chevron, BP and Total.

The Commission also said in a statement the companies - as well as Shell, Sasol [JSE:SOL] and Engen - had shared detailed information about sales and customers to hinder competition.

The suspected collusion ran from the late 1980s to 2005 and included petrol, diesel, illuminating kerosene and other products, the commission said.

“Information at this level of detail allowed the oil companies to closely track each other’s sales and to align their strategies in the market, eliminating competition between themselves,” the commission said.

“This also enabled them to divide or allocate markets by deciding not to enter, or compete for, certain geographic markets or customer groupings,” it said.

The commission said it had asked South Africa’s Competition Tribunal, which rules on such cases, to levy a fine equal to 10% of company revenue in the preceding financial year.

 
sasol  |  total  |  engen  |  chevron  |  shell  |  price-fixing
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