The largest petroleum retailer NIC fined

Nov 28 • Business, Companies, Government, News • 917 Views • 1 Comment on The largest petroleum retailer NIC fined

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The Agency for Fair Competition and Consumer Protection (AFCCP) has decided to impose a fine of MNT 4.967 Billion on NIC, the largest retailer of petroleum products in Mongolia, due to its creation of false shortage of gasoline in the market. NIC gas stations limited its sales of gasoline and diesel products during the days between the 6th and 7th November 2012, creating hype among the public that there was short supply of petroleum goods.

According to the results of the investigation held by AFCCP, there had been a reserve of gasoline that could last for 22 days at these days nationwide. In particular, there had been a 27-day reserve of gasoline A92, and the A80 stock could have lasted for 35 days. Also, there was an additional supply of gasoline and diesel products that were being transported to the country at that time.

Based on the findings of its investigation, and the clauses of Competition Law, 7.1.1 and 27.12, the AFCCP inspectors today delivered its decision to NIC Company, informing that it has to pay a fine amounting to MNT 4.967 Billion to the state.

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One Response to The largest petroleum retailer NIC fined

  1. Ard says:

    Great news thanks pls bankrupt this petroves

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