The Associated Press June 21, 2010, 1:57PM ET
SAfrican watchdog fines oil firms on price-fixing
JOHANNESBURG
South Africa’s anti-competition watchdog says that a number of international oil giants, including Chevron and Shell, are facing hefty fines for price collusion, a punishable offense in South Africa.
South Africa’s Competition Tribunal, which investigates companies’ competition conduct, said Monday that between 2000 and 2009 oil companies Chevron, Shell, Engen, Total, Masana, Sasol and Tosas colluded in fixing their products’ prices.
The tribunal confirmed it will impose a 10 percent penalty on some of the oil firms.
Masana has been fined 13 million rand ($1.5 million), it says. Sasol and its subsidiary, Tosas, were exempted after cooperating in the probe.
Reaction from the oil companies was not immediately available.
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