Armenia’s State Commission for the Protection of Economic Competition (SCPEC) made a significant ruling on December 10, 2024, imposing fines exceeding 1 billion AMD on four major gasoline companies for engaging in antitrust agreements. The penalties were distributed as follows: CPS Energy Group (392,484,000 AMD), Flash (324,110,000 AMD), Mega Trade (206,223,000 AMD), and the group of Max Oil and KamOil (155,546,000 AMD).
Investigations revealed that between January 1, 2022, and June 10, 2024, these companies engaged in coordinated price changes for gasoline, disregarding substantial differences in their respective costs.
This behavior was particularly evident during November-December 2022 and September-October 2023, when the companies simultaneously increased or decreased retail prices for AI-92 gasoline within comparable timeframes. Notably, these synchronized price adjustments did not correspond to their production costs. There were instances where price hikes coincided with cost reductions and vice versa.
The case underscores the detrimental impact of antitrust agreements on market freedom and consumer interests. The SCPEC’s fines aim to restore fair competition and encourage corporate accountability in Armenia’s gasoline sector.
