The European Commission raided biofuel companies in two EU countries this week over alleged price-fixing concerns.
It carried out “unannounced inspections” at the premises of firms active in the production, distribution and trading of ethanol, a biofuel.
“The Commission has concerns that price benchmarks may have been distorted through anti-competitive behaviour, including through possible collusion when submitting price information to a Price Reporting Agency”, it stated.
The prices assessed and published by Price Reporting Agencies act as benchmarks for trading in Europe and globally.
“Even small distortions may have a significant impact on prices, potentially harming consumers,” the Commission said.
The investigation was part of a wider probe of several major oil companies last year over possible price fixing, which if confirmed would breach EU competition rules.