Aug 22, 2013, 06.06 PM IST
The Competition Commission of India (CCI) may complete its probe into alleged cartelisation by oil marketing companies in deciding petrol prices by early October, Parliament was informed today.
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CCI may complete probe into state oil firms by October
The Competition Commission of India (CCI) may complete its probe into alleged cartelisation by oil marketing companies in deciding petrol prices by early October, Parliament was informed today.
Like this story, share it with millions of investors on M3
CCI may complete probe into state oil firms by October
The Competition Commission of India (CCI) may complete its probe into alleged cartelisation by oil marketing companies in deciding petrol prices by early October, Parliament was informed today.
"The CCI has given time up to October 2, 2013, to the Director General to submit the investigation," Corporate Affairs Minister Sachin Pilot said in a written reply in the Lok Sabha.
The fair trade regulator had taken suo moto cognizance of prima facie anti-competitive behaviour of Indian Oil, Hindustan Petroleum and Bharat Petroleum and referred the matter to the Director General for investigation. The CCI is empowered by an act of Parliament to look into cases suggesting cartel-like behaviour and abuse of dominant market position.
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According to the Competition Act, the fair trade regulator can levy a penalty of up to 10 per cent of the average turnover of the three preceding years on a company for abuse of its dominant position and anti-competitive agreements.
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