Bulgaria’s competition watchdog on May 25, 2017, has cleared the in country arms of Russian oil company Lukoil of abusing their dominant market positions following a 15 month investigation.
The Commission for Protection of Competition launched the probe in February 2016 after complaints from Bulgarians that fuel prices remained high despite a plunge in global oil prices.
A request from Prime Minister Boiko Borisov for the watchdog to make checks on the fuel sector followed closely after the complaints.
The commission has now ruled that it found no proof that Lukoil Bulgaria, a key fuel provider and taxpayer in the Balkan country, and the Lukoil Neftochim Burgas oil refinery had abused their dominant market positions.
The watchdog examined Lukoil’s trade relations with its wholesale clients and concluded there had not been any breach of fair competition rules.
It said the decision could be appealed within 14 days.