Russia: LUKOIL Fined 604m Rubles for Manipulating Fuel Price
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Monday, 02 January 2012 |
Fuel retailer LUKOIL has been fined 604m Rubles by Russia’s Federal Antimonopoly Service for manipulating fuel prices in 2011, following penalties for several peer companies accused of the same offence. The move follows previously-announced fines for Rosneft, Gazprom Neft and Bashneft, while a penalty has yet to be imposed for TNK-BP.
The manipulation of diesel and jet fuel prices that LUKOIL and other oil companies have been accused of occurred between the fourth quarter of 2010 and early 2011. The Federal Antimonopoly Service had previously announced plans to increase what it calls the “third wave” of antitrust penalties in November. The antitrust cases have resulted in fines of 1.75bn rubles for Rosneft, 979.3m rubles for Gazprom Neft, and 778m rubles for Bashneft, in addition to the fine imposed on Lukoil.
PetrolWorld 02012012
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