Russia investigates 4 major oil firms over prices

MOSCOW (Reuters) – Russia’s anti-monopoly watchdog (FAS) said on Tuesday it had started investigations into four major oil firms — Rosneft, LUKOIL, Gazpromneft and TNK-BP over high prices.

“Today we began four investigations,” FAS head Igor Artemyev told a briefing, noting that the companies did not cut retail sales during the fourth quarter of 2008 despite falling world oil prices, and actually raised retail prices early this year.


“The companies simply threw a challenge to the Russian government by raising wholesale prices…against a backdrop of tax cuts,” he said.

Prices rises are a big issue in Russia where the Finance Ministry reckons inflation could reach 14 percent this year.

Reuters