A Co Galway based home heating oil company has admitted to being involved in a price fixing ring which a number of oil distribution companies were operating in the West of Ireland in 2001 and 2002.
Muldoon Oil, of Loughrea, today pleaded guilty to the offence at Galway Circuit Court.
A second company, Flanagan Oil, also of Loughrea, denied that it was involved in the price fixing cartel which was investigated by the Competition Authority.
Arising from a two-year investigation, 11 oil distribution companies and their owners are facing prosecution.
Prosecuting Counsel Denis Vaughan Buckley said it would be the first time that a jury had to decide such a case and it was an important one for the State.
The hearing was told that oil distributors had formed an organisation known as the Connact Oil Promotion Federation and in 2001 its members held a series of meetings in Loughrea and Oranmore to discuss and allegedly fix prices.
Muldoon Oil, through its solicitor John McMullen, pleaded guilty to two counts of price fixing between 2001 and 2002.
Former company Director Conrad Muldoon also entered a guilty plea. Sentence will be imposed on 10 March.
