The Competition Committee has mandated that Lukoil return funds unjustly obtained through alleged price manipulation. In a statement to Daryo, the company expressed its intent to appeal the committee's decision.
In early July, the committee launched an investigation into Lukoil Overseas Supply and Trading for purported violations of the Law on Competition and the regulations established by the government's decision.
According to the committee, Lukoil Overseas Supply and Trading was found to have engaged in price manipulation during the sale of technical sulfur products through stock trading. The committee identified instances where inconsistent product volumes were placed in stock trading, leading to significant price increases. As a result, the prices of technical sulfur products saw an increase ranging from 10% to 50%.
On July 18, the committee's Special Commission issued a decision against Lukoil Overseas Supply and Trading. The commission cited violations of the Law "On Competition" and the regulation "On the Procedure for Selling Highly Liquid and (or) Monopoly Products in Stock Markets." The decision mandated the return of funds acquired without justification due to the breach of regulatory requirements. Furthermore, the company was given mandatory instructions to rectify and prevent future violations. The committee also informed Lukoil that it has the right to appeal the decision to the Appeals Council or the court if dissatisfied.
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