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(1) A person or agent of that person shall not indulge in or assist in cartelization in the petroleum downstream industry.

(2) For the purpose of this section, “cartelization” means an agreement, combination of or concerted action by refiners, importers or dealers or their agents, to

(a) Fix prices,

(b) Restrict outputs,

(c) Divide markets either by product or by area, or

(d) Allocate markets either by products or by areas To restrain trade or free competition and contractual stipulation that prescribes pricing levels and profit margins at variance with the prescribed petroleum formula.

(3) A person who commits an offence under this section is liable on summary conviction to a term of imprisonment not exceeding ten years or to a fine not exceeding fifteen thousand penalty units calculated in a currency determined by the Minister, or both.