FAS OPENED A CASE AGAINST OIL TRADERS

The companies are suspected of a cartel on exchange trading with fuel

The Federal Antimonopoly Service opened a case against “Solid-goods markets” JSC and “A-OIL” Ltd.  upon signs of violating Clauses 1, 2 Part 1 Article 11 of the Federal Law “On Protection of Competition”.

Analysis of contracts concluded by traders in the “Oil Products” Section of St Petersburg International Mercantile Exchange, carried out by the antimonopoly body, shows that actions performed by “Solid-goods markets” JSC and “A-OIL” Ltd. at the exchange are not typical, which could have led to increasing prices for a number of oil products (AI-92, AI-95, AI-98). According to the information available to the antimonopoly body, deals at some balance points were concluded exclusively by “Solid-goods markets” JSC and “A-OIL” Ltd. Therefore, exchange price for oil products on such bases was formed exclusively by actions of such companies.

Since representative exchange indicators are formed upon the outcome of exchange trading and participants of oil products market in the off-exchange segment (i.e., on the market) are oriented to them, possible anticompetitive actions of “Solid-goods markets” JSC and “A-OIL” Ltd. could have an effect upon the overall growth of oil products prices in 2018.

“As a result of such actions of traders, prices for oil products at the exchange can be overrated. Since the exchange is of an indicative nature for a good many, potentially it resulted in overall increase of fuel prices”, explained Stats-Secretary, Deputy Head of FAS Andrey Tsarikovskiy.