A PYMNTS Company

South Africa: Q&A brings insight to recent oil giant price-fixing charges

 |  November 6, 2012

In a Q&A with the nation’s competition commission deputy commissioner Tembinkosi Bonakele, the antitrust authority gives new insight into the recent charges brought up against gas giants for price-fixing. Among the revelations include Bonakele’s explanation that the oil companies were entirely cooperative with investigations, though they chose not to settle before the case was brought to the competition tribunal. He also argued that the government, not being a competitor of oil companies, cannot be accused of strategizing with them with its “maximum wholesale list selling price,” which lists its own gas prices apart from the market price every month. When pressed on the matter, Bonakele referred the topic to the department for further explanation.

Full Content: Financial Mail

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.