4 major gasoline distributors have been fined over 1 billion drams
The Competition Protection Commission has fined 4 gasoline purchasing companies over 1 billion drams for engaging in anti-competitive agreements. It was revealed that between January 1, 2022, and June 10, 2024, these companies collaborated to adjust gasoline prices. During certain months, their total expenses for both wholesale and retail gasoline sales exceeded their selling prices. As a result, they managed to secure a profit of 81 drams per liter for wholesale sales and 94 drams per liter for retail sales.
On December 10, 2024, fines were imposed on the following companies: CPS Energy Group (392,484,000 drams), Flash (324,110,000 drams), Mega Trade (206,223,000 drams), and the Max Oil and KamOil limited liability companies (155,546,000 drams).
Their illegal activities were particularly evident in November-December 2020 and September-October 2023. During these periods, they simultaneously raised and lowered retail prices for AI-92 gasoline on the same day or within two days, despite having differing expenses. Furthermore, there were instances where a reduction in production costs was accompanied by an increase in retail prices, and vice versa, – this was noted in the statement.
However, the companies have denied the charges, stating that the anti-competitive agreement is not in their interest, as they are competing organizations in their market.