Chevron, Shell, Total, BP face S.African price-fixing charge

Yahoo - AFP, 24 October 2012

Subsidiaries of global oil majors Chevron, Shell, Total and BP were on Wednesday referred to South Africa's top anti-trust body on accusations that they colluded to rig consumer prices since the 1980s, with a recommendation that the firms face massive fines.

Following "wide ranging investigations" since 2009, the Competition Commission said it had uncovered "collusive conduct" that stretched back decades, and had referred the case to the Competition Tribunal for judgement.

The commission recommended that each company be fined 10 percent of total turnover from their South African business for the last financial year.

"The investigation revealed collusive conduct through extensive exchanges of commercially sensitive information by the respondent oil companies," the commission said.

The information was said to include detailed monthly sales figures and collusion to influence the regulatory environment.

"The oil companies intended, inter alia through the information exchange, to protect historically high profit margins."

Sasoil and Engen were also accused of price fixing.