Cape Town - The competition authorities on Thursday fined petrochemical group Sasol [JSE:SOL] R534m for charging domestic customers excessive prices for chemicals between 2004 and 2007.
The Competition Tribunal said in a statement that Sasol unit Sasol Chemical Industries Ltd had charged plastics manufacturer Safripol too much for purified propylene, preventing effective competition and causing Safripol harm.
The Tribunal imposed a penalty of R205.2m in the case of purified propylene and R328.8m for polypropylene. Both are key ingredients for the plastic industry and were used in plastic goods such as buckets and motor car parts.
The Competition Tribunal said in a statement that Sasol unit Sasol Chemical Industries Ltd had charged plastics manufacturer Safripol too much for purified propylene, preventing effective competition and causing Safripol harm.
The Tribunal imposed a penalty of R205.2m in the case of purified propylene and R328.8m for polypropylene. Both are key ingredients for the plastic industry and were used in plastic goods such as buckets and motor car parts.