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Oil company offices raided in EU price fixing probe

  • European Commission officials raided the offices of numerous oil firms on Tuesday following concerns that "the companies may have colluded in reporting distorted prices".

    The Commission did not name the companies but said the raids did not mean the firms had been found guilty of any charges.

    The probe relates to the pricing of oil, refined products and biofuels.

    The Commission added it was looking at whether certain companies may have prevented others from taking part in the pricing process "with a view to distorting published prices".

    British Petroleum, Royal Dutch Shell, Norway's Statoil and pricing agency Platts confirmed they are cooperating with the investigation.

    Tagged as: Business news, Oil company, raid in oil companies, EU price fixing