Five companies involved in the import and sale of fuel in Georgia have been fined ₾4 million ($1.53mln) for violating antitrust legislation by artificially maintaining high prices in the retail market, the Georgian National Competition Agency announced on Friday.
Lukoil Georgia, Wissol Petroleum Georgia, San Petroleum Georgia, Socar Georgia Petroleum and Rompetrol Georgia have been issued the fine after an inquiry by the body into competitive their practices that was launched in August last year on the recommendation of the Prime Minister of Georgia.
The body said the study involved the companies’ maintenance of prices during the period between March-August 2022, and added the inquiry had “confirmed” violation of the domestic anti-monopoly legislation.
The Agency said it had also released recommendations for “improving the competitive environment on the market” following the ruling, and added the current situation with oil product prices was “normalised”.
The companies can appeal the decision in Tbilisi City Court.