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| Free Market Competition and Gas Prices |
| (2011-11-18) |
| Last updated: 2011-11-21 14:21 EET |
The Romanian Competition Council has partially finalized its investigation into presumed anti-competitive practices by major oil companies on the national market. Investigators claim to have proof of illegal behavior. Even worse news for the companies targeted by this investigation comes from Brussels.
The European Commission has announced its approval of the conclusions drafted and recommends sanctioning the companies, as the Romanian market is an integral part of the European market. The Council’s report was forwarded to the targeted oil companies, together with the EC’s reaction. The companies were given 30 days to reply. Romania was obliged to inform the European Commission, as the companies involved are large players on the European fuel market. Here is Bogdan Chiritoiu, president of the Competition Council:
Bogdan Chiritoiu: “The team believes it has proof that the companies involved have violated the law. A large portion of the investigation focuses on prices. We’re talking about years of conducting business, but we’re trying to finish the report as soon as possible. Naturally, when talking about major players on the European fuel market, we’re not taking borders into account and we’re not focusing solely on the nation situation.”
The process has not been finalized yet. If anti-competitive agreements between suppliers are proven, the fines could reach 10 percent of total turnover. The investigation began in 2005 and was continued in 2009 by a different team. In the past two years, investigations intensified amid rapidly growing gas prices.
In January 2011, the National Fiscal Administration Agency filed a report on fuel producers and distributors, stating that retail prices were increased unreasonably over the course of 2010. The Agency believes the increases were not based on the evolution of crude oil on the stock market, exchange rates or state taxes, as the oil companies claimed.
The fiscal authority also claims that revenues were not adequately reported, with companies actually claiming major losses. Romanian transport service providers and motorists have repeatedly protested at what they see as excessive fuel price increases. In Romania, a liter of gasoline costs, on average, between 1.3 and 1.35 euros.
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