Court Rules for Higher Fines to Oil Companies

Sweden’s Market Court has more than doubled a series of fines issued to five oil companies for taking part in a 1999 price-fixing cartel, raising the total amount to US$16.3 million.

In its ruling the court said that the oil groups Statoil, OK-Q8, Norsk Hydro, Preem and Shell violated Swedish competition laws when they reached a number of agreements to implement simultaneous price cuts and promotional deals at the pump.

The added that the ”exchange of information between the companies in connection with the lower prices the companies offered in 1999 must be seen as a relatively serious violation of competition laws.”

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