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Shell fined $25.19 million for price fixing

Greece: BP, Shell fined for competition breaches

ATHENS, Greece (AP) — Greece’s Competition Commission says it has fined the local units of oil giants BP PLC and Royal Dutch Shell PLC a total of nearly euro50 million ($64 million) for allegedly cooperating on pricing practices.

BP Hellas was fined 30.06 million euros ($38.51 million) and Shell Hellas euro19.66 million ($25.19 million), the competition watchdog said in a statement Tuesday.

The commission said the two companies were found to have agreed to harmonize their practices regarding their discount policies in parts of Greece.

It said BP Hellas and Shell Hellas showed “an intention to not compete with each other, using discounts as a tool to converge their net wholesale prices.”

The commission said it took the decision on Nov. 20. It did not explain the delay in announcing the fines.

Neither company had an immediate comment.

Copyright © 2008 The Associated Press. All rights reserved. 
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