TWO companies running ferry services from Ireland will be fined today by the European Commission for operating a price, cartel across the British channel in 1992.

Stena Line and Brittany will learn the level of the fines to be imposed following a meeting of European Commissioners.

EU anti-trust investigators found five companies - including P & O, Sea France and North Sea Ferries - had agreed to impose a surcharge on cross-channel freight shipments in 1992 to compensate for the effects of the devaluation of the British pound.

Commission sources said yesterday that the largest fine would be imposed on P & O.

Although the Commission can impose fines of up to 10 per cent of turnover, the level of penalties depends on a number of factors.

In this case, the "cartel" did, not operate for a long period and sources indicated last night that this would be taken into consideration.

However, the sources warned that the level of fines would not merely be "symbolic".

The EU investigation was launched following complaints from freight companies about the surcharges. It is understood the ferry companies disputed the allegations.

A spokesman for Brittany Ferries said last night it had not yet been informed of the fines. However, he said that, if the company was fined, it would appeal the fine.

Stena Line, which was then known as Stena-Sealink, said it could not comment until the Commission issued its decision this morning.

Earlier this month, P & O and Stena Line of Sweden unveiled a plan to merge their Channel ferry businesses and vowed to fight competition from the Channel tunnel. The two companies, whose profits from the Dover-Calais corridor have been radically cut because of a fierce price war with Eurotunnel, said a priority would be to reduce costs.