Russia Investigating 4 Oil Companies Over Alleged Price Fixing
The Russian Federal Antimonopoly Service (FAS) has launched an investigation into four major oil firms over allegations of price fixing which took place last year into early this year.
The four firms are Gazpromneft, TNK-BP, Rosneft and LUKOIL, according to a Reuters report.
“Today we began four investigations,” FAS head Igor Artemyev told a briefing.
“The companies simply threw a challenge to the Russian government by raising wholesale prices…against a backdrop of tax cuts,” he said.
According to an FAS press release, “the companies abused their dominant position by fixing monopolistically high prices for aviation kerosene distributed on the market in the Komi Republic in summer 2008.”
“Such antimonopoly violations are punishable by a fine in the amount from one hundredth to fifteen hundredth of the proceeds gained by the violator on the market where the violation was committed.”
Last year, LUKOIL and Rosneft received fines of more than $100 million for fixing prices on refined products. The anti-monopoly watchdog said that the companies used their dominant market positions to set and maintain high prices for jet fuel, gasoil and gasoline.
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Samuel R. Avro is the founder and Editor-In-Chief of Consumer Energy Report. Sam believes that a lot more can be done about the energy problem the world is currently facing. First and foremost, the public must be made aware of all the available options. He firmly believes that the most realistic method of achieving this on a large-scale basis is to report the news for the public to read and discuss. When he isn't too busy covering the energy industry, as a New York area resident, Sam is always willing to take part in a discussion about his World Champion New York Yankees. Motto: Dissemination of information is the key!
