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Fri, Mar 02, 2012

Ryanair Sues ExxonMobile Over Fuel Costs

Says Big Oil Companies Have Conspired To Inflate Prices.

You may have wished at some point you could do this, but one budget airline has actually done it - filed a lawsuit against a big oil company for allegedly charging too much for fuel. The Irish low-cost carrier Ryanair claims ExxonMobile has suppressed competition to allow it to inflate prices over a seven-year period. The suit seeks an award of $14.3 million, plus an unspecified additional amount to cover lost profits.

The Guardian reports the premise of the suit is the finding by Italian regulators that Exxon and other aviation fuel suppliers in violated European competition rules. Ryanair further accuses the oil companies of setting up "a unique and complex agreement, the purpose and effect of which was to share the market for the supply of jet fuel and to prevent the entry of new operators."

Exxon confirmed the suit was filed, but declined further comment.

FMI: www.cheapoair.com

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