By the decision of the Competition Agency, a financial sanction in the amount of 4 million has been imposed on fuel retailers Lukoil-Georgia, Wissol Petroleum Georgia, San Petroleum Georgia, SOCAR Georgia Petroleum, and Rompetrol Georgia, for maintaining high prices in the retail market of motor fuel in the period of March-August 2022.
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Lukoil-Georgia LLC was fined 450,590 GEL; JSC Wissol Petroleum Georgia - 693,576 GEL; San Petroleum Georgia LLC - 1,073,859 GEL; SOCAR Georgia Petroleum LLC - 718,986 GEL; Rompetrol Georgia LLC - 987,886 GEL.
According to the agency, as a result of the investigation, it was determined that San Petroleum Georgia (Gulf), Rompetrol Georgia, Lukoil-Georgia, Wissol Petroleum Georgia, and SOCAR Georgia petroleum had fuel of a significantly lower prime cost, although the retail price policy of the companies was unaltered and the changes in production costs did not reflect at gas stations. Rompetrol sold high-cost fuel on the market, and supplied the cheap fuel to the competitor on the wholesale market. There was active telephone communication between representatives of all five companies.
The investigation was started on August 16, 2022, based on the recommendation of the Prime Minister and the results of the monitoring carried out by the agency.
According to the agency, the situation in the oil market has normalized, however, due to the high public interest and the strategic importance of the market, the National Competition Agency continues to monitor the fuel (gasoline, diesel) market.
SOCAR, Wissol, and Rompetrol are going to appeal the decision of the competition agency in court.
