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Cooking Oil Producers: Fines Would Raise Prices in Bulgaria
Business | January 23, 2008, Wednesday // 00:00
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Bulgarian cooking oil producers that were fined for being involved in cartel relations complained severe sanctions would raise the price of the oil and cut workers' wages.
The Oilseed Oil Producers Association of Bulgaria announced they are to appeal against the severe fines imposed last week to producers by the country's competition watchdog.
According to the chair of the association Vidyo Videv, the decision of Bulgaria's Competition Protection Commission (CPC) is incorrect and was made under "high media and social pressure."
Producers say they experience financial difficulties and fines would only make the greasy situation worse with prices going up.
On Wednesday, 14 of the biggest cooking oil producers in the country were fined about BGN 2 M altogether by CPC over setting a cartel price of the product.
The decision of CPC came after a thorough investigation, in which offices of the companies were searched and evidence for cartel relations were found.
The producers' association has also been fined, as at its meetings the producers made agreements for the unfair price fixing.
During 2007, the price of the cooking oil In Bulgaria increased by 70%, which according to CPC is not due to failed sunflower crops but mostly a result of unfair completion practices.
The Oilseed Oil Producers Association of Bulgaria announced they are to appeal against the severe fines imposed last week to producers by the country's competition watchdog.
According to the chair of the association Vidyo Videv, the decision of Bulgaria's Competition Protection Commission (CPC) is incorrect and was made under "high media and social pressure."
Producers say they experience financial difficulties and fines would only make the greasy situation worse with prices going up.
On Wednesday, 14 of the biggest cooking oil producers in the country were fined about BGN 2 M altogether by CPC over setting a cartel price of the product.
The decision of CPC came after a thorough investigation, in which offices of the companies were searched and evidence for cartel relations were found.
The producers' association has also been fined, as at its meetings the producers made agreements for the unfair price fixing.
During 2007, the price of the cooking oil In Bulgaria increased by 70%, which according to CPC is not due to failed sunflower crops but mostly a result of unfair completion practices.
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