Romanian competition authority fines MOL unit €18.5m
Hungarian oil and gas company MOL on Tuesday said Romania’s competition authority fined its local unit RON 80.3m (€18.5m) for an alleged breach of anti-trust rules.
MOL said the alleged breach involved the common withdrawal of Eco Premium pre-mixed unleaded petrol from the market in 2008.
After a prohibition on leaded petrol was introduced in Romania in 2005, refineries replaced the tetraethyl lead with other metallic additives, thus creating the ECO Premium line. MOL Romania acquired 100% of ECO Premium from local producers or from distributors, as MOL had ceased producing petrol with metallic additives by October 2004. ECO Premium sales decreased until 2008, as the number of older cars that used the fuel declined.
"MOL Romania states that withdrawing ECO Premium from its fuels portfolio was its individual business decision and not the result of an anticompetitive agreement, concerted practice," MOL said.
MOL Romania will file a motion to suspend the execution of the competition authority’s decision and will challenge it with the Bucharest Appeal Court, MOL said.
The fine on MOL Romania is equivalent to 3% of its turnover in 2010, MOL noted.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.