Monday, January 16, 2012
Gov't to fine oil companies for irregularities in gas oil bulk-price
In a press conference given by government officials at the Economy Ministry, Planning Minister Julio De Vido revealed “serious irregularities" in the bulk-price of gas oil sold to transport companies after receiving reports against oil companies made by a group of fuel dealer chambers.
The conference was also attended by Transport Secretary Juan Pablo Schiavi, acting President Amado Boudou, and Economy Minister Hernán Lorenzino
De Vido revealed that reports show “a substantial difference between the bulk-price of gas oil supplied to transport and truck companies, and the price at regular petrol stations, being the former sometimes 30 percent higher than the latter.”
“This represents a clear market distortion in which the bulk-price for gasoil is being manipulated”, De Vido emphasized
Likewise, the minister remarked that the government “will deeply analyze all information received in order to determine whether these oil supply companies have abused of their dominant position hence conforming monopolies.”
Furthermore, De Vido warned that “It’s the government’s goal to finish whatever kind of market monopolization and price distortion may exist, and in this particular case we [government] want to guarantee the supply of gasoil in bulk for all transport and truck companies.”
To end, De Vido remembered that the “Argentine State subsidies these kind of products, and is not going to allow, under any circumstances, the existence of price manipulation”, and added, “We will fine those responsible. According to our first evaluations, we estimate that overprices could reach up to $3.5 billion pesos a year.”
Afterward, Schiavi took the word to reveal that reported companies are “ Repsol-YPF, Shell, Esso, and Oil Combustibles.”
Schiavi concluded that “behaviors like this affect transport service and buses companies of all provinces; plus a key service like goods and supply transport is being damaged. We can’t allow this to happen. Our trucks transport 94 percent of the country’s production.”
The conference was also attended by Transport Secretary Juan Pablo Schiavi, acting President Amado Boudou, and Economy Minister Hernán Lorenzino
De Vido revealed that reports show “a substantial difference between the bulk-price of gas oil supplied to transport and truck companies, and the price at regular petrol stations, being the former sometimes 30 percent higher than the latter.”
“This represents a clear market distortion in which the bulk-price for gasoil is being manipulated”, De Vido emphasized
Likewise, the minister remarked that the government “will deeply analyze all information received in order to determine whether these oil supply companies have abused of their dominant position hence conforming monopolies.”
Furthermore, De Vido warned that “It’s the government’s goal to finish whatever kind of market monopolization and price distortion may exist, and in this particular case we [government] want to guarantee the supply of gasoil in bulk for all transport and truck companies.”
To end, De Vido remembered that the “Argentine State subsidies these kind of products, and is not going to allow, under any circumstances, the existence of price manipulation”, and added, “We will fine those responsible. According to our first evaluations, we estimate that overprices could reach up to $3.5 billion pesos a year.”
Afterward, Schiavi took the word to reveal that reported companies are “ Repsol-YPF, Shell, Esso, and Oil Combustibles.”
Schiavi concluded that “behaviors like this affect transport service and buses companies of all provinces; plus a key service like goods and supply transport is being damaged. We can’t allow this to happen. Our trucks transport 94 percent of the country’s production.”
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