Oil companies to appear before CPC on 12/5

After the Advisory Committee’s decision that there has been no overcharging of fuel prices on behalf of the oil companies recently, the Competition Protection Committee called the four oil companies that are actively involved in Cyprus to give further clarifications on a possible breach of the law on the protection of competition in 2005. The companies will appear before the Committee on Friday, May 12.

According to a CPC announcement, the Committee had then decided to carry out an ex-officio investigation for the possible violation of article 4 of the Law on Competition N.207/89. “The Committee, therefore, made a number of on-the-spot investigations and had collected several information and documents”, the announcement said.

The Competition Protection Committee will decide whether there is a case of breach after the clarifications that the oil companies will give next Friday.

Ntinos Lefkaris: Our cooperation is perfect

Invited by StockWatch to comment on the latest announcement, Petrolina Executive Director, Ntinos Lefkaritis said that the ex-officio investigation took place in 2005.

“I understand that we will be requested to submit further clarifications and we are willing to do it. Our cooperation with the Committee is perfect”, he concluded.