OREANDA-NEWS. On August 28, 2008 the Stavropol Office of the Federal Antimonopoly Service (OFAS Russia) issued five resolutions on imposing fines upon oil companies accused in price collusion. Total fines for all companies amounted 51 706 209. 92 Rubles, reported the press-centre of FAS Russia.

Earlier the Stavropol OFAS Russia initiated proceedings against "Lukoil-Yurgnefteproduct" Ltd., "Rosneft - Stavropolye" Oil Company" OJSC, "Bashoil - KMV" Ltd., "Stavneft" Ltd. and "Stavpromkomplekt" PKP" Ltd. for violating the antimonopoly legislation.

Investigating the cases, the antimonopoly office established that the companies carried out concerted policy on increasing and maintaining retail prices for diesel fuel at a higher level in comparison with Ai-95 in the Stavropol region.

Following the antimonopoly violations, the Stavropol OFAS Russia issued a determination to the companies on terminating the concerted actions. The antimonopoly office also initiated administrative cases under Article 14.32 of the Code on Administrative Violations, and upon processing the cases issued five resolutions on imposing fines for the total amount over 51 million Rubles.