Financiarul quoted Mr Bogdan Chiritoiu president of the National Competition Authority as saying that the Competition Council has punished the major oil companies in Romania, OMV Petrom, OMV Petrom Marketing SRL, Rompetrol Downstream SRL, Lukoil Romania SRL, MOL Petroleum Products SRL and Eni Romania with EUR 205.8 million in fines.

Mr Chiritoiu said that this is the highest fines given by the Competition Council. The calculation started from a base of 4% of turnover, and the companies were slapped with fines above or below 3% of their turnover.

OMV Petrom has received the highest fine, accounting for more than 3% of turnover, the company being considered as the initiator of this cartel.

Mr Bogdan Chiritoiu said that "Perhaps, as not to lose the market share in favor of competitors, the companies have agreed to withdraw from the market the EcoPremium range. This situation determined the Competition Council to impose the fines."

He said that "We are the only ones in Europe having found direct evidence of the understanding between the oil companies. The law prohibits competitors to exchange information or to harmonize the information inside the group. Each company may take any decision it wants, but not exchange information. Rompetrol received a fine of less than 3% of turnover because it did not participate directly in the meetings of the Association of Romanian Oil Businessmen and OMV Petrom was fined more than 3% of turnover because its moves were considered as aggravating circumstances. We took into account the fact that the understanding did not affect the full market and that is why we applied a smaller fine percentage."

(Sourced from www.financiarul.ro)