IlluMyFi

Polish special services are currently investigating whether Orlen Trading Switzerland, a subsidiary of Polish refiner Orlen (PKN.WA), may have violated sanctions regarding the import of oil from Russia or Iran, broadcaster Radio Zet reported on Thursday. This investigation represents just the latest inquiry directed at the state-controlled company, following allegations of artificially lowering prices ahead of the 2023 election and selling assets below fair value for the purposes of acquiring a smaller peer. Orlen has denied breaching any sanctions.…

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21.12.24 10:00

by oilprice.com

Debunking the Myth of Oil Refiner Price Gouging in California

In 2022, California Governor Gavin Newsom signed SB-1322, the Oil Refiner Price Disclosure Act, into law. The legislation was hailed as a major step toward transparency, requiring refiners in California to report detailed monthly data on their gasoline profit margins. Specifically, refiners must disclose: The cost of crude oil purchased The wholesale price of gasoline sold The gross and net profits earned per gallon of refined gasoline Supporters, including consumer advocacy groups like Consumer Watchdog, argued that SB-1322 would expose “excessive...

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