Russia: Bashneft Found Guilty of Excessive Pricing, Case Dropped
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Tuesday, 29 November 2011 |
Russia’s Federal Antimonopoly Service has ruled that Bashneft is guilty of setting excessive prices for fuel from March to September. However, the regulator decreed that the violation has been remedied voluntarily by the company, which lowered prices in October and November, and closed the case.
Bashneft, along with TNK-BP, was first accused of excessive pricing by the Federal Antimonopoly Service in early October. The regulator found that fuel costs had been steadily rising since March, with the greatest price increase registered at refineries operated by the two companies, and Director Igor Artemyev said on November 1 that they could be fined 1% of their revenue. The hearing in the case of TNK-BP has been postponed at the company’s request, and will take place in December.
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