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Tuesday, April 13, 2021

Cartel. FAS prepares antitrust case in connection with the sharp rise in fuel prices on the stock exchange in the spring of 2020.

The FAS in June 2020, start checking the actions of traders during the jump in gasoline prices on the exchange.

Moscow, 30 Okt – news Agency Neftegaz.RU. Inspection of the Federal Antimonopoly service (FAS) causes of the rise in stock prices on AI-95 in the spring and early summer 2020 depicts the characteristics of the cartels.
This was announced by the head of Department on struggle against cartels FAS Alexander Tenishev.

The FAS in June 2020, start checking gasoline AI-95, assessing the actions of both sellers and buyers in the spring and early summer 2020

Then on the background of sharp growth of demand for fuel due to the cancellation of quarantine measures the cost of AI-95 at the St. Petersburg international Mercantile exchange (SPIMEX) is the long time growth.

The resulting growth was unprecedented in the history of trading and has exceeded the records of spring 2018.

Abstracts Alexander Tenishev:

  • I think that in a few months we can expect a new antitrust case;
  • in relation to solid-Commodity markets and oil instituted administrative proceedings. In the course of their consideration will be determined administrative fines and ordered;
  • how long will this procedure is difficult to say, I guess, a few months.

The Supreme court on 27 October 2020 was supported by FAS, which recognized fuel traders solid and OYL guilty in cartel activity in exchange trading in oil products in 2018
Recall that the case was filed back in February 2019.
FAS found that actions of traders in 2018 would influence the growth of prices for oil products on the exchange and could lead to higher prices for petroleum products across the country, as stock prices are indicative for the market.
As a result, to stabilize the domestic fuel market the Russian government had to take urgent action and in a manual mode to regulate the market, in particular has been reduced, excise duties, and then introduced the so called dampening mechanism.

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