Armenia's Competition Protection Commission uncovered an anti-competitive agreement among the country's leading gasoline importers and imposed significant fines for coordinated pricing actions in the fuel market.
On December 10, 2024, the regulator issued fines against CPS Energy Group ($996,000), Flash ($822,000), Mega Trade ($523,000), and the group of companies Max Oil and KamOil ($395,000) for violating antitrust laws.
The investigation revealed that from January 1, 2022, to June 10, 2024, the companies synchronously adjusted gasoline prices despite significant differences in their costs. The most apparent coordinated actions occurred in November-December 2022 and September-October 2023, when the companies simultaneously or within one to two days increased and decreased retail prices for AI-92 gasoline.
The Commission also identified instances where companies raised retail prices despite decreasing production costs, and vice versa. According to the regulator, this behavior indicates the presence of an anti-competitive agreement among market participants.
