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EU: Ethanol raids expand energy probe

By  |  April 8, 2015

European Union antitrust regulators conducted fresh raids on ethanol companies, escalating a probe into the possible rigging of fuel-price benchmarks begun two years ago, Bloomberg reported.

In the wake of an international probe of banks that rigged the London Interbank Offered Rate, the EU said that providers of market data for oil and biofuels may also have colluded when they reported prices used to establish benchmarks for global fuel sales.

Regulators said that even small distortions of prices used as benchmarks for commodities and derivatives may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales that may have been passed on to final customers. Officials said at the time there was no deadline for the investigation.

 

Full Content: Bloomberg

 

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