Subsidiaries of global oil giants Chevron, Shell, Total and BP were referred to South Africa's top anti-trust body Wednesday over accusations they have been colluding to rig consumer prices since the 1980s, with a recommendation that the companies face massive fines.
Following "wide-ranging investigations" since 2009, the Competition Commission said it had uncovered "collusive conduct" that stretched back decades, and had referred the case to the Competition Tribunal for judgement.
The commission recommended that each company be fined 10 percent of total turnover from their South African business for the last financial year. "The investigation revealed collusive conduct through extensive exchanges of commercially sensitive information by the respondent oil companies," it said.
The information was said to include detailed monthly sales figures and collusion to influence the regulatory environment.
Read more: more: Oil giants face South Africa price-fixing charges | Radio Netherlands Worldwide
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