Reykjavik Court rules in favor of Icelandic oil companies

REYKJAVIK On March 22nd, the Reykjavik District Court ruled that the Icelandic state will have to refund Icelandic oil companies Ker, Olíuverslun Íslands and Skeljungur for fines against price fixing.

By Carlos Encinas

Photo: Carlos Encinas.

The court cancelled the fines against the companies, meaning they will receive ISK 1.5 million back from the State, as well as interests and inflation adjustment.

The case started back in 1997, when the competition authority reported the companies were cooperating on prices. In 2005 the oil companies were charged with ISK 1505 billion. Presently the fines have risen to ISK 2459 billion (€ 14.77 million) after inflation adjustment.

The investigation concluded was that the oil companies had been consulting each other on pricing, market share and the making of offers for years. The companies appealed, but the competition authority rejected it. They then decided to bring the case to the courts.

About Carlos Encinas