Oil Companies to Pay Compensation to Reykjavík Skip to content

Oil Companies to Pay Compensation to Reykjavík

The Supreme Court of Iceland ruled yesterday that oil companies Shell, Olís and Ker (formerly Essó) have to pay Reykjavík City ISK 73 million (USD 1.1 million, EUR 745,000) in compensation, with penal interests, because of illegal price fixing.

The court concluded that the oil companies had caused Reykjavík City financial damage and thus confirmed the Reykjavík District Court ruling from December 13, 2006, ruv.is reports.

According to the ruling, the three oil companies also caused financial damage from illegal price fixing to Reykjavík bus company Straetó and are required to pay the company ISK 6 million (USD 89,000, EUR 61,000) in compensation in addition to penal interests.

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