World News | Mexico: Bus Lines Colluded for 20 Years to Keep Fares High
Get latest articles and stories on World at LatestLY. Regulators in Mexico have announced fines totalling about $60 million against most of the country's largest passenger bus lines, saying they colluded among themselves for 20 years to keep fares artificially high.
Mexico City, Oct 26 (AP) Regulators in Mexico have announced fines totalling about $60 million against most of the country's largest passenger bus lines, saying they colluded among themselves for 20 years to keep fares artificially high.
The country's anti-monopoly commission on Tuesday said the price-fixing may have cost passengers about $170 million in excess ticket costs.
The Federal Commission on Economic Competition said the fines were levied against 18 bus companies and 31 individuals associated with them.
The commission said that between 2000 and 2020, the companies reached six different agreements to charge equally high fares or split routes among themselves, rather than compete among themselves to charge less. (AP)
Also Read | Kanye West Loses Billionaire Status After Adidas Terminates Partnership Over His Anti-Semitic Comments.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)