Data provided by iNet BFA
Loading...
See More

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 627.51
Change -3.04
% Change 0.00
Cumulative volume 506488
Market cap 408.27bn

Last Updated: 30/07/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Sasol upbeat after profit spike

Small-time firm takes on oil giants

Engen halts Iran crude imports

Tax Sasol or nationalise it - SACP

BP probes corruption claim in shipping unit

BP in $14bn oil spill settlement talks

 

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
NEXT ON FIN24X

Total posts profit fall

2014-07-30 12:45

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
78 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Where can you stash your cash?

Fin24 user Tinashe Guramatunhu presents a review of the best way to invest a windfall or bonus.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...