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Competition Agency: Prices of Petroleum Products are Determined by Several Factors

Competition Agency: Prices of Petroleum Products are Determined by Several Factors According to the head of the Competition Agency George Barabadze,  pricing of petroleum products in the country is influenced by a number of factors.

“Many people mistakenly believe that the Competition Agency’s function is to control prices. This is completely untrue – our function is quite different – to monitor the market. The  Agency begins to act if the study identifies  monopolies, cartels, dumping, and as a result of this – too high or too low prices restricting competition. However, all these facts should be seriously investigated and proven, and this in turn requires a lot of time, “- he says.

According to George Barabadze,   interest towards rates on petroleum products is traditionally high in the society, but pricing in this segment depends on many factors.

“Our function is not just to assess an overall level of prices, but also to establish the mechanism of their formation. In the process of studying the petroleum products market, business intensively cooperates  with us within the law, “- said the head of the Competition Agency.