EUROPEAN COMMISSION FINES OIL MAJORS IN CARTEL RAISING AUTO INDUSTRY INPUT PRICES
September 1st, 2008
BY KEITH NUTHALL
SOME of Europe's largest companies - including fuel majors - have been fined heavily for participating in a paraffin wax cartel, raising the cost of this key input for tyre and car component manufacturers. Sasol, Total, ExxonMobil and six others have been fined a total of Euro 676 million for participating in what has been branded the "paraffin wax mafia". Its members, the European Commission has concluded, exchanged sensitive commercial information, fixing European Union paraffin wax prices between 1992 and 2005, with executives ...
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