Russia Seeks to Fine Oil Producers for Diesel Prices, RIA Report

Russia’s competition watchdog plans to fine four of the country’s largest oil producers for inflating diesel prices at the end of 2010 and beginning of 2011, RIA Novosti reported, citing Igor Artemyev, the head of the Federal Anti-Monopoly Service.

The regulator found that OAO Rosneft, OAO Lukoil, TNK-BP and OAO Gazprom Neft sold oil products domestically at prices higher than in global markets, the state-run news service said today, citing Artemyev in Rostov-on-Don, southern Russia.

The watchdog claimed more than 26 billion rubles ($880 million) from oil companies during two waves of cases over refined-product prices since 2008, while agreeing to lower the fines to 15 billion rubles, the news service said.

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