The Competition Committee has initiated a case of price manipulation against Lukoil, according to a statement from the committee's press service.
The committee identified irregularities involving Lukoil Overseas Supply and Trading in the trading of technical sulfur products. Allegations include manipulating product volumes in stock trading, which reportedly inflated prices significantly.
Market prices for technical sulfur products surged between 10% to 50% due to these actions.
In response, the Competition Committee has initiated legal proceedings against Lukoil Overseas Supply and Trading on suspicion of breaching the provisions outlined in the Law of Uzbekistan on competition and the corresponding Regulation stipulated by resolution of the Cabinet of Ministers No. 170, dated March 18, 2020.
"Further details will be disclosed following the completion of due process and a decision on the case," the report stated.
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