Russian Antimonopoly Service Warns Oil Companies

Igor Artem’yev, head of The Federal Antimonopoly Service (FAS), told the reporters that the service may launch new criminal proceedings against Rosneft, GazpromNeft, LUKoil, Surgutneftegaz, and TNK-BP if they do not reduce prices of oil products including gasoline and aircraft kerosene.

Even in a situation where global oil prices are decreasing, domestic prices levels remain the same as when oil was more than $100. FAS has concluded that domestic prices are extremely overrated under these circumstances.

Artem’yev said that FAS would require that the major oil monopolists act immediately in order to fulfill the prescription.

Author: Ksenia Kochneva