Petrol Retailers in Cyprus Fined for Fixing Prices

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The main four petrol retailers in Cyprus have been fined by the Cyprus Commission for the Protection of Competition (CPC) for fixing prices following an investigation.
 

The violations took place during October 2004 and December 2006. This caused a knock on effect as many industries which then imposed their own price increases.

 
Fines totalling €43 million has been levied on the four companies, Hellenic Petroleum €14.5 million (EKO), Exxon Mobil €13 million, Petrolina €12.5 million and Lukoil €2.7 million.

 
The companies concerned can appeal within 75 days but are still obliged to pay the fine within three months or risk getting charged interest.

 
Three of the companies have said that they will appeal against the fines imposed by the CPC.

 
According to the CPC, there is another investigation underway from 2008 also concerning gas prices.