Russian Anti-Monopoly Service Sues Top 4 Oil Cos

Rosneft, Lukoil, Gazpromneft and TNK-BP are accused of committing violations on the petrol market in late 2008 and early 2009.

The Russian Federal Anti-Monopoly Service (FAS) director Igor Artemyev says all four companies have failed to lower fuel prices to consumers despite the three-fold collapse in the oil price, which elsewhere has led to consumers paying significantly less for oil.

Last year the FAS fined the four companies for setting high prices for petrol. The FAS has stated that on that occasion the fines were the lowest possible, and predicted that if petrol prices increase again, new cases will follow immediately and penalties will be many times more.

Currently, petrol prices in Russia are less than 50 eurocents per litre, losing only about 20% in rouble equivalent.

Author: Ksenia Kochneva