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Slovnaft might have to pay billions

FINANCE Minister Ivan Mikloš will authorize a second inspection of Slovnaft to examine their pricing strategy from October 1, 2004 to the present.

The Finance Ministry will fine the crude oil refiner up to Sk1.3 billion (€33.5 million) as well as try to recover the money they gained through profiteering. This could mean Slovnaft having to pay a total Sk2.7 billion (€69.7 million).

According to the law on pricing, motorists are entitled to compensation equal to the amount Slovnaft earned through profiteering.

However, Finance Minister Mikloš admitted that technically it could prove difficult. He suggested, therefore, that the sum received from Slovnaft could go towards excise tax reductions.

Compiled by Magdalena MacLeod from press reports
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