The Competition Authority begins monitoring the retail fuel market
The Competition Authority announces that it has begun monitoring the wholesale and retail fuel market, with a particular focus on gasoline and diesel prices at retail points of sale.
According to the announcement, all companies engaged in fuel trading are currently under monitoring and if price fluctuations are observed that exceed the extent of price changes on international stock exchanges, the Authority will take the necessary measures according to its competences.
"In practice, fuel prices in international markets are updated continuously, reflecting factors such as supply, demand, processing costs, as well as other economic or geopolitical developments. Consequently, according to the standards of fair competition, price fluctuations in the domestic market are expected to follow the same direction and be proportional to the extent of changes recorded on the stock exchange. Any unjustified deviation, even an uncoordinated increase but faster or more pronounced than the performance of international prices, constitutes possible indicators of non-competitive behavior in the market," the CA announces.
The Competition Authority emphasizes that it will not tolerate unjustified price fluctuations, practices that contradict the logic of the international market, as well as any possible form of price coordination, abuse of dominant position or concerted practices between market operators.
With this monitoring process, the Authority aims to guarantee transparency, regular market functioning and consumer protection from unfair prices or anti-competitive behavior.
The Authority clarifies that, in accordance with the mission and competencies defined for the Competition Authority, all monitoring and possible investigative procedures are carried out only in accordance with Law No. 9121/2003 "On the Protection of Competition", without being combined with the attributes belonging to other law enforcement institutions in the country.
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