National Competition Agency fines five fuel importers $1.53mln for violating antitrust legislation
Lukoil Georgia, Wissol Petroleum Georgia, San Petroleum Georgia, Socar Georgia Petroleum and Rompetrol Georgia have been issued the fine. Photo: Nino Alavidze/Agenda.ge
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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.
Georgian Prime Minister Irakli Garibashvili on Monday said he had instructed the country’s Economy Ministry to draft a bill to ensure reduction in domestic prices on food and oil.
Georgian Economy Minister Levan Davitashvili on Tuesday said domestic inflation had passed its peak and the country’s authorities had succeeded in stabilising it at 9.4 percent at the end of last year, noting he expected a further reduction of prices on basic consumer products and fuel in figures for this month.
Georgian Prime Minister Irakli Garibashvili on Monday criticised oil and food importers in the country for “very high profits” facilitated through prices added to the “real cost” of the products, and instructing several ministers to set up a working group to negotiate a reduction.
Georgian Prime Minister Irakli Garibashvili on Friday told the country’s Parliament the Government was continuing talks with fuel importers and ensuring “everything” was done to further reduce domestic prices.
The Georgian Ministry of Economy on Monday dismissed “false” reports by domestic TV channels that said prices on fuel were expected to increase as Russia had stopped providing the country with petrol and diesel at subsidised prices, with oil businesses facing “difficulties”.
The Georgian Environmental Protection Ministry’s Department of Environmental Supervision on Wednesday revealed it had inspected 100 petrol stations across the country to check fuel quality and issued $746,362 in fines for violations of environmental standards.