OREANDA-NEWS. August 13, 2014. “Lukoil-Yugnefteproduct” shall pay over 14 million RUB for unreasonably increasing gasoline prices in Sochi.

On 7th August 2014, Arbitration Court confirmed reasonableness of a determination issued by the Office of the Federal Antimonopoly Service in the Krasnodar region (Krasnodar OFAS Russia) to hold “Lukoil-Yugnefteproduct” Ltd. administratively liable and fine the company 14,101,128.26 RUB.

On 10th May 2011, Krasnodar OFAS Russia found that “Lukoil-Yugnefteproduct” Ltd. violated the Federal Law “On Protection of Competition”. The company unreasonably increased retail prices for gasoline and diesel fuel in Sochi (+1.50 RUB/l), putting Sochi customers in an unequal position in comparison with consumers in other municipalities across the region.

Krasnodar OFAS Russia issued a determination to “Lukoil-Yugnefteproduct” Ltd. to eliminate the violation of the antimonopoly law and held the company administratively liable.

“Lukoil-Yugnefteproduct” Ltd. disagreed with the determination issued by the antimonopoly body and filed a lawsuit. However, Krasnodar Regional Court dismissed the claim and supported OFAS position.