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News // Russia

Russian anti-trust agency demands oil firms explain fuel price hikes

16 November 2010 , 12:22RIA Novosti1247

"To exercise control over the situation on the market of oil products, the Federal Anti-Monopoly Service has sent inquiries to the oil companies LUKoil, Gazprom Neft, TNK-BP Holding, Rosneft, Surgutneftegas, Tatneft, Alliance and Bashneft to explain the reasons for the price growth and instructed its regional offices to find out how justified the price growth was," the service said.

The companies must respond by the end of November and at the beginning of December, the service said.

In 2008 and 2009 the service fined four of Russia's largest oil companies - Rosneft, Gazprom Neft, LUKoil and TNK-BP - for artificially raising prices on the retail fuel market."To exercise control over the situation on the market of oil products, the Federal Anti-Monopoly Service has sent inquiries to the oil companies LUKoil, Gazprom Neft, TNK-BP Holding, Rosneft, Surgutneftegas, Tatneft, Alliance and Bashneft to explain the reasons for the price growth and instructed its regional offices to find out how justified the price growth was," the service said.

The companies must respond by the end of November and at the beginning of December, the service said.

In 2008 and 2009 the service fined four of Russia's largest oil companies - Rosneft, Gazprom Neft, LUKoil and TNK-BP - for artificially raising prices on the retail fuel market.

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