CCI takes note of oil company’s ‘action-in-unison’

Competition Commission of India (CCI) on Friday said it has “taken a note” of alleged ‘action in unison’ of the public sector oil companies for controlling the petrol prices even after prices in international markets fell.

Written by Press Trust Of India | Ahmedabad | Published:June 23, 2012 12:47 am

Competition Commission of India (CCI) on Friday said it has “taken a note” of alleged ‘action in unison’ of the public sector oil companies for controlling the petrol prices even after prices in international markets fell.

On being questioned regarding oil companies acting in unison to control petrol prices,despite the Competition Act and the fall in oil prices,CCI Chairman Ashok Chawla said,they had taken a note of the matter.

The PSU oil firms,which generally revise the petrol rates on 1st and 16th of every month have skipped changing rates recently. The oil companies have not reduced the petrol prices yet as the imports are getting costlier due to the falling rupee.

The Indian basket of Brent crude has been on a downward spiral for the past few weeks and fell to $88 a barrel on Thursday It recovered a bit today,at around $89.7 a barrel. The crude was trading at around $120 in February-March this year.

Tyre is another prominent sectors which is under CCI’s watch for alleged cartelisation,said Chawla at the sidelines of his address at Sardar Patel Institute of Public Administration (SPIPA).

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