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Prime Minister of Georgia Accused Oil Companies of Violating Antitrust Law

Prime Minister of Georgia Irakli Garibashvili accused oil companies operating in the country of breaching the  competition law.

“Public is aware that in recent times the global price of oil fell sharply, and judging from the current trend, continue to fall. On this basis, everyone in our country is interested in how adequately prices of oil products are  reacting to the fall in Georgia. The Competition Agency is evaluating the market of petroleum products. About a month ago I made a statement regarding this issue and instructed the agency to study this subject in detail. The Agency is currently working in this direction,”- the Prime Minister said.

In his words, the first findings of the study already exist.

“In the second half of 2014, world oil prices have fallen by 60%. This certainly should have been adequately reflected on the Georgian market in about 1-2 months. Unfortunately, this did not take place, and our society has every reason to be dissatisfied. It’s clear as day that the operating expenses of oil companies have not grown, and international oil prices have decreased. Respectively, it is unclear why this has not been reflected on the Georgian oil prices,”- Mr Garibashvili commented.

According to him, in this situation the oil companies reduce fuel prices only slightly, in any case, inadequately against the  global trend.

“For this reason, the Competition Agency continues an in-depth study of the situation on the fuel market. I want to assure everyone that on the basis of the data the government will carry out all legal norms against violations of the competition law. We will firmly protect the interests of consumers and the public,”- the head of government stated.

To remind our readers, in mid-December, Prime Minister announced the need to study the situation  on country’s fuel market. The reason for this was the public outrage over the fact that the international price of oil fell by 60%, due to the global oversupply. In Georgia fuel fell in price by no more than 25-30%.