Italy's Antitrust authority launches probe into nine oil cos on price setting |
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Tue, 23 Jan 2007 19:23
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MILAN (AFX) - Italy's Antitrust authority said it has launched a probe against nine oil companies for alleged restrictive practices in the setting of petrol pump prices.The Antitrust said the companies under investigation are Eni SpA, Esso Italiana, Kuwait Petroleum Italia, Shell Italia, Tamoil Italia, Total Italia, Erg Petroli, IP and API.According to the Antitrust the nine companies, as of October 2004, effectively created a mechanism for pricing petrol that is pegged to the price set by Eni.The Antitrust said exchange of information between the companies under investigation served to strengthen this mechanism.In October 2004 Eni, Italy's price leader as regards petrol station distribution, changed the way it set its petrol pump prices.According to the Antitrust, Eni's competitors, instead of adopting their own pricing policies, simply followed Eni's lead in price setting.The Antitrust said the probe will be concluded before March 31 2008.stephen.jewkes@thomson.comsj/rar/sj/jfrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Italy's antitrust authority calls for removal of petrol station restrictions 