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Petrol price hike: CCI will consider allegations against oil companies as per law

The government today said the competition watchdog CCI is seized of the matter pertaining to simultaneous increase and decrease of petrol price by the oil marketing companies and would look into it as per the provisions of the Competition Act.

Written by Agencies | New Delhi |
August 13, 2012 7:24:15 pm

The government today said the competition watchdog CCI is seized of the matter pertaining to simultaneous increase and decrease of petrol price by the oil marketing companies and would look into it as per the provisions of the Competition Act.

“The Competition Commission of India (CCI),which is a quasi-judicial regulatory body,is seized of the matter and would consider the same as per the provisions of the Competition Act,2002,” the Minister of State for Corporate Affairs R P N Singh said in a written reply to Rajya Sabha.

He was replying to questions whether the CCI had conducted any investigation into the act of simultaneous increase and subsequent decrease of petrol prices by three oil marketing companies (OMCs).

CCI Chairman Ashok Chawla had earlier said the competition watchdog had taken a note of alleged “action in unison” of PSU oil companies for controlling oil prices even though prices had fallen globally.

The OMCs earlier used to revise petrol prices on 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight.

However,since late July they no longer practice the same and revise the rates on a random date to deter petrol pump dealers building positions.

Three OMCs — Indian Oil,Hindustan Petroleum and Bharat Petroleum — had raised petrol prices by 70 paise a litre on July 23,in view of high prices in the international market.

The three state-owned OMCs have been simultaneously raising and lowering prices of petrol to prevent any confusion in the market.

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