ECONOMY

Hellenic Petrol Cyprus fined for collusion

An employee at an EKO gas station, a subsidiary belonging to Hellenic Petroleum, is seen in this file photo putting fuel in a car in Cyprus. Hellenic Petroleum said yesterday its unit in Cyprus was fined 14.3 million euros by the eastern Mediterranean island’s competition regulator. The fine is ‘disappointing’ and Hellenic Petroleum Cyprus reserves all rights against the regulator, according to an Athens bourse filing. In August, Cyprus’s competition regulator found the Athens-based refinery, along with Lukoil, Petrolina and Exxon Mobil, guilty of collusion in price fixing. The regulator said the four companies cooperated in setting prices for unleaded 95 and 98 octane gasoline, labeling the collusion as a ‘deadly blow to healthy competition.’