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Masana Petroleum to pay R13m price-fixing fine
The settlement agreement relates to cartel conduct that involved practices that were intended to directly or indirectly fix the purchase or selling price of bitumen and bituminous products in South Africa.
In its investigation the Commission found that Chevron, Engen, Shell, Total, Masana, Sasol and Tosas (the respondents) engaged in collusive conduct from around 2000 until at least December 2009. Masana is a joint venture between BP SA, the Mineworkers Investment Company and the Women's Development Business Investment Holdings.
The respondents collectively determined and agreed on pricing principles, including a starting reference price and a monthly price adjustment mechanism.
Masana, which is a marketer, producer and supplier of petroleum products, has admitted that it has contravened the Competition Act by:
- Meeting with its competitors and sharing competitively sensitive information relating to the pricing of bitumen and associated products;
- Making use of a common platform to transparently share and exchange pricing information;
- Making use of and implementing the agreed pricing formulae.
Source: I-Net Bridge
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