Brussels, 15/05/2013 (Agence Europe) - On 14 May, European Commission officials carried out spot checks at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors. These inspections took place in two EU member states. At the Commission's request, inspections were also carried out on its behalf by the EFTA Surveillance Authority in one European Economic Area (EEA) member state. The Commission has concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products, and also suspects that the companies may have prevented others from participating in the price assessment process, with a view to distorting published oil and biofuel prices. The prices assessed and published by price reporting agencies serve as benchmarks for trade in the physical and financial derivative markets for a number of commodity products in Europe and globally. Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers. The Commission has not indicated how long the inspections will last. It will be examining whether there has been any collusion between the companies in question and the price reporting agency. (FG/transl.fl)