EU anti-trust regulators have carried out surprise raids on biofuel companies they suspect of
colluding over price, the European Commission said on Thursday. The operation was part of a
wider probe of several major oil companies over possible price fixing, which if confirmed would
breach of EU competition rules.
In line with usual practice, the Commission did not release the names of the companies
concerned. "The European Commission can confirm that on October 7, officials carried out
unannounced inspections at the premises of companies active in the production, distribution and
trading of ethanol, a biofuel," it said in a statement.
The raids took place in two European countries on companies suspected of rigging price
benchmarks through false submissions to a price regulation authority that governs the biofuel
market. "Even small distortions may have a significant impact on prices, potentially harming
consumers," the statement said.
Commission officials involved in the raids were accompanied by their counterparts from the
relevant national competition authorities, it added. An earlier investigation, launched in May
2013, had included raids on energy giants BP, Shell and Norway''s Statoil. Biofuels, based on
plant or food crops, are a key part of EU strategy to boost environment friendly energy resources,
especially for transport.
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