The Hellenic Competition Commission lands total fines of 49,7 million euro on petroleum companies for concerted practices

By decision dated 20-Nov-08, the HCC imposed fines on BP Hellas SA and Shell Hellas SA (30.066.585 and 19.664.888 euro respectively) on the grounds that the two petroleum companies violated art. 1 L.703/77 and art. 81 EC Treaty and in particular the prohibition on price-fixing. The HCC found that there had been concerted practices by the two companies through their coordinated discount policy, which led to the convergence of their net wholesale prices.