OREANDA-NEWS. December 17, 2010. The 15th Arbitration Appeal Court confirmed validity of the decision issued by the Office of the Federal Antimonopoly Service in the Stavropol region (Stavropol OFAS Russia). The antimonopoly body made “Lukoil-Yugnefteproduct” Ltd. administratively liable for engaging in price collusion on the fuel market and imposed a fine, reported the press-centre of FAS Russia.

Under the Arbitration Procedural Code of the Russian Federation, the ruling comes into effect immediately. “Lukoil-Yugnefteproduct” Ltd. must either voluntarily pay the fine within thirty day or it will be forced to pay the fine by the Court Bailiff Service.

On 28th August 2008, Stavropol OFAS Russia fined “Lukoil-Yugnefteproduct” Ltd. for engaging in collusion with other oil companies and maintaining excessive prices for diesel fuel in May – August 2008.

For two years “Lukoil-Yugnefteproduct” Ltd. was trying to challenge through the system of Arbitration Courts both the fact of collusion and the OFAS determination about imposing the fine.

“As “Lukoil” was unable to argue against the obvious fact of collusion proved to the Courts by Stavropol OFAS Russia, “Lukoil-Yugnefteproduct” Ltd. must and will incur punishment for engaging in the price collusion on the retail market of diesel fuel”, said the Head of Stavropol OFAS Russia, Mr. Sergey Nikitin, commenting the Court ruling.