September 27, 2009 / 9:41 AM / 10 years ago

RPT-Cyprus watchdog imposes fine on petrol companies

(Repeats to additional Reuters clients)

NICOSIA, Sept 26 (Reuters) - Cyprus’s Competition Commission has imposed a 42.9 million euro ($63 million) fine on four local fuel companies for price fixing, charges the companies deny, the regulator said on Saturday.

The regulator ordered four companies — Exxon Mobil Cyprus, Hellenic Petroleum Cyprus, Petrolina (Holdings) Public PHL.CY and Lukoil Cyprus — to pay an administrative fine after accusing them of following uncompetitive pricing policies.

The companies have said they will challenge the decision at the island’s Supreme Court. “We believe this decision is wrong and we have stated our intention to appeal,” Petrolina (Holdings) managing director Dinos Lefkaritis said.

In its decision, the Competition Commission ordered Exxon Mobil Cyprus pay 13.36 million euros, Hellenic Petroleum Cyprus 14.26 million euros, Petrolina 12.56 million euros and Lukoil Cyprus 2.7 million euros. (Writing by Michele Kambas; Editing by David Holmes) ($1=.6810 Euro)

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