Fines against oil giants for raising fuel prices lawful - court
KRASNODAR, February 13 - RAPSI. The Krasnodar Territory Commercial Court has declared lawful the antitrust watchdog's decision to fine LUKOIL and Rosneft subsidiaries $612,000 and $271,000, respectively, for raising fuel retail prices, the regulator reports on Monday.
The antimonopoly service holds that Lukoil-Yugnefteprodukt and Rosneft-Kubannefteprodukt raised gasoline and diesel fuel prices in Sochi by 1.5 rubles ($0.05) in 2010. The prices on oil products in the city exceeded the level established by the same companies in the other territory municipalities for no objective reasons.
The regulator deemed the companies' actions concerted and an infringement of competition law. Both companies were fined as a result.