Lukoil under investigation for artificial price inflation

According to the Competition Committee, Russia's Lukoil company has improperly placed technical sulfur products on the exchange, leading to artificially inflated prices by an average of 10% to 50%.

Signs of manipulation were detected in Lukoil Overseas Supply and Trading Ltd’s sale of technical sulfur products through exchange trading, including improper placement of product volumes in exchange trades, which led to price increases. This resulted in an average price increase of 10% to 50% in technical sulfur product prices, according to the committee’s report.

In connection with this, the Competition Committee has initiated proceedings against Lukoil Overseas Supply and Trading Ltd for violations of the “Competition Law” and the regulations approved by the Cabinet of Ministers on March 18, 2020, under Resolution No. 170.

#inflation #Lukoil