Russian anti-trust agency demands oil firms explain fuel price hikes

© RIA Novosti . Maxim Bogodvid / Go to the photo bankRussian anti-trust agency demands oil firms explain fuel price hikes
Russian anti-trust agency demands oil firms explain fuel price hikes - Sputnik International
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Russia's Federal Antimonopoly Service said on Monday it had requested eight domestic oil companies explain the reasons for vehicle fuel price hikes in the fall.

Russia's Federal Antimonopoly Service said on Monday it had requested eight domestic oil companies  explain the reasons for vehicle fuel price hikes in the fall.

"To exercise control over the situation on the market of oil products, the Federal Anti-Monopoly Service has sent inquiries to the oil companies LUKoil, Gazprom Neft, TNK-BP Holding, Rosneft, Surgutneftegas, Tatneft, Alliance and Bashneft to explain the reasons for the price growth and instructed its regional offices to find out how justified the price growth was," the service said.

The companies must respond by the end of November and at the beginning of December, the service said.

In 2008 and 2009 the service fined four of Russia's largest oil companies - Rosneft, Gazprom Neft, LUKoil and TNK-BP - for artificially raising prices on the retail fuel market.

MOSCOW, November 15 (RIA Novosti)

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