The Competition Commission (Commission) said on Tuesday that it welcomed the Competition Appeal Court (CAC) decision, dismissing a Sasol Gas review application of the Commission’s investigation into alleged excessive pricing of natural piped gas.
The CAC said that this decision would allow the Commission to proceed with the prosecution of Sasol Gas before the Tribunal.
In July 2023 the Commission filed a referral with the Tribunal.
The CAC said that this decision “further re-emphasised the Commission’s mandate to investigate and prosecute excessive pricing complaints in the natural piped gas industry”.
It would also allow for the Commission to get the relevant costing data from Sasol Gas that forms the basis of its pricing for natural piped gas.
SASOL GAS SUMMONS
In August 2022 the Commission had sent Sasol Gas a summons asking for the relevant information to assist with its investigation.
“Sasol Gas, however, refused to respond to the summons and requested interdictory relief from the Competition Tribunal,” the Commission said.
The Tribunal went on to dismiss the interdict against the summons in May 2023. Sasol Gas then approached the CAC wanting the same interdictory relief.
In June 2023, the CAC granted Sasol Gas interdictory relief against the Commission’s summons pending the review application. Based on a review the application has now been dismissed by CAC.
SASOL PROFITS ARE DOWN
Last week Sasol released its financial results for the first half of the fiscal year for 2024.
The company noted that its performance was marked by a 34% decline in half-year profit.
Sasol said the main reason for this was due to weaker oil and petrochemical prices.
Sasol’s Headline earnings per share was R20.37 down from R30.90 in 2022.
SHARE PRICE
Sasol’s share price was trading at around R142.54 on Wednesday at 9am.
Over the last year the share price has 47.08% in intraday trading.
IOL BUSINESS