The Kosovo Competition Authority (KCA) has fined 14 companies that deal with oil derivatives trading with 4 million euros, after finding that they had manipulated prices.
Kosovo media discovered that the Competition Authority has confirmed the fined companies had disrupted competition in the market during November and December 2018.
In November last year, the KCA found evidence that due to the fixing of oil prices, the profit of these companies had increased to 124 percent.
Authorities' suspicions that the oil companies had agreed in advance to increase the price of oil have been confirmed this week by the commission set up on the issue. These 14 companies, by their actions, have violated Article 4 of the Law on Protection of Competition, which sanctions "Prohibited agreements or coordinated practice."
The Kosovo Competition Authority on Friday will also make public the names of the companies and the individual sentenced. It is believed that among these 14 companies that had set the price of oil at the end of 2018 are several large companies, such as Hib Petrol, Al-petrol, Ex Fis, Lab Oil, Petrol Company, etc.
At the tune when the investigation was launched the Authority stated that these companies had a profit of about 9% for the months of January-October, on average it was 60% in November, while in December the profit was on average 124%.
The same suspicions exist regarding the retail sale of gasoline. More specifically, while the profit for the period January-October 2018 was 12%, in December it was 135%.
Kosovo media discovered that the Competition Authority has confirmed the fined companies had disrupted competition in the market during November and December 2018.
In November last year, the KCA found evidence that due to the fixing of oil prices, the profit of these companies had increased to 124 percent.
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| Man filling his car with oil (archive) |
The Kosovo Competition Authority on Friday will also make public the names of the companies and the individual sentenced. It is believed that among these 14 companies that had set the price of oil at the end of 2018 are several large companies, such as Hib Petrol, Al-petrol, Ex Fis, Lab Oil, Petrol Company, etc.
At the tune when the investigation was launched the Authority stated that these companies had a profit of about 9% for the months of January-October, on average it was 60% in November, while in December the profit was on average 124%.
The same suspicions exist regarding the retail sale of gasoline. More specifically, while the profit for the period January-October 2018 was 12%, in December it was 135%.