Friday 10 October 2014

EU raids biofuel groups over alleged price-fixing

The European Commission raided biofuel companies in two EU countries this week over alleged price-fixing concerns.

It carried out “unannounced inspections” at the premises of firms active in the production, distribution and trading of ethanol, a biofuel.

“The Commission has concerns that price benchmarks may have been distorted through anti-competitive behaviour, including through possible collusion when submitting price information to a Price Reporting Agency”, it stated.

The prices assessed and published by Price Reporting Agencies act as benchmarks for trading in Europe and globally.

"Even small distortions may have a significant impact on prices, potentially harming consumers," the Commission said.

The investigation was part of a wider probe of several major oil companies last year over possible price fixing, which if confirmed would breach EU competition rules.