Greece fines BP, Shell for price-fixing

[Sagara]

ATHENS: Greece's state competition watchdog has fined British energy giant BP and Anglo-Dutch counterpart Royal Dutch Shell nearly 50 million euros (US$63 million) for price-fixing, the body said on Tuesday.

 

The two companies had a "concerted practice" of setting discount policy in gas stations around the country, which amounted to price-fixing, the competition commission ruled.

 

At a November 20 meeting, the commission voted by majority to slap a 30-million fine on BP Hellas and a 19.7-million fine on Shell Hellas.

 

"The commission found that (the two companies) had no intention of competing against each other and converged their net wholesale prices through proportionally adjusted discounts," the watchdog said.

 

Failure to comply with the ruling within 90 days will incur an additional penalty of 10,000 euros per day, the commission added.

 

The ruling is open to appeal at Greece's administrative courts. - AFP/de

 

Any chance it happening here??? Price Fixing high chance will happen. Fine? No Way...

[Sleepyman]

Any chance it happening here??? lol is that a joke hehe

[Ronnchee]

Even if this really happen in Sg, who will pocket the money ?? Definitely not the end users.

[Dynaway]

ha... u only see competition act used againts small biz like kopi tiams, huat kueh shop......

 

but not the fuel cartels n banks...

[Sturtles]

Basically, anti-competition acts in singaland are used to squeeze and disadvantage small singer owned shops. Gov owned shops and foreign investments use these tools to their advantage.

 

Singers always get screwed, so i'm sure they do not realise it

[Neost]

Some one have to cough out the money to pay the fine. Not a rocket science to know who will foot the bill eventually. I would think a jail term for the top executive is a fairer punishment. As a consumer, why should I pay for their blunder?

 

Just like LTA fine SMRT for performing below expectation. Who is going to foot the fine eventually????

Edited November 27, 2008 by Neost

[Scion]

and puppet CASE has no power to fine anyone

[Yaloryalor]

I dun mind who pocket the money, as long as we have the choice for cheaper petrol

[Jerms]

huh.. i think your missing the point here... you pay cheaper petrol but much more for other things like ERP or road tax after the fine which adds up to the same amount; will you still be happy?

[Newbie_driver]

.... but doubt it will happen in SG, our watchdog are

[Hamburger]

Wat do u expect???

 

our watchdog is rear by...u noe who . woof....wooof

[Rickster]

ATHENS: Greece's state competition watchdog has fined British energy giant BP and Anglo-Dutch counterpart Royal Dutch Shell nearly 50 million euros (US$63 million) for price-fixing, the body said on Tuesday.

 

The two companies had a "concerted practice" of setting discount policy in gas stations around the country, which amounted to price-fixing, the competition commission ruled.

 

At a November 20 meeting, the commission voted by majority to slap a 30-million fine on BP Hellas and a 19.7-million fine on Shell Hellas.

 

"The commission found that (the two companies) had no intention of competing against each other and converged their net wholesale prices through proportionally adjusted discounts," the watchdog said.

 

Failure to comply with the ruling within 90 days will incur an additional penalty of 10,000 euros per day, the commission added.

 

The ruling is open to appeal at Greece's administrative courts. - AFP/de

 

Any chance it happening here??? Price Fixing high chance will happen. Fine? No Way...

 

Hey, isn't this exactly what is happening here?

[Observer]

haha see ur reply wanna pengs..huat kueh haha

[Speddevil]

Put simply they are not empowered to do anything... Don't understand the objectives of setting this bodies

[Speddevil]

[Comfy]

Even if this really happen in Sg, who will pocket the money ?? Definitely not the end users.

 

gahment fine them.. then the petrol companies will try to milk from the end users then..

[Comfy]

woof woof... unclewolve?

[Blackyv]

that's a fact if u r not aware of it..... they did "warn" those fatt kueh seller not to price fix and increase price at the same time..... i think it's early of the year if im not wrong...