Over 1 Billion Dram Fine for Four Major Fuel Companies

The Competition Protection Commission imposed fines totaling 1,178,363,000 Armenian drams on four major fuel companies, including "CPES Energy Group", "Flash", "Mega Trade", and "Max Oil" and "KamOyl" group of companies, on December 10, 2024, for anti-competitive agreements in the fuel retail sector.

During the proceedings, it was recorded that from January 1, 2022, to June 10, 2024, the companies altered their prices in a uniform manner, regardless of their significantly differing costs. The companies' indirect anti-competitive agreement was particularly evident in November-December 2022 and September-October 2023. They simultaneously raised and lowered the retail prices of AI-92 gasoline either on the same day or within a two-day span, despite substantial differences in their expenses.

Moreover, there were instances where a decrease in the companies' production costs coincided with an increase in the sale price, and vice versa.