Cartels and oligopolies in the fuel market keep prices soaring, according to an ex-officio examination of petroleum companies by the Competition Commission. This practice is a serious breach of key competition principles.
It is noted that the four Cypriot oil companies were fined € 42,9 million by the PSC in 2009, but were annulled in May 2011 by the Supreme Court, as the appointment of the then PSC chairman was deemed illegal.
In relation to the previous violations committed by the oil companies, the PSC imposed an administrative fine for each company separately: Exxon Mobil Cyprus Ltd € 13.366.000, Hellenic Petroleum Cyprus Ltd € 14.269.000, Petrolina (Holdings) Public Ltd € 12.562.000. 2.707.000 and Lukoil Cyprus Ltd € XNUMX.