OREANDA-NEWS. January 30, 2012. The Federal Antimonopoly Service (FAS Russia) received a notification that “Bashneft” ANK” OJSC paid 778,245,170 Rubles as an administrative fine for fixing and maintaining monopolistically high prices on the wholesale market of motor petrol in April – September 2011, reported the press-centre of FAS Russia.

In December 2011, as part of the “third wave” of antimonopoly cases against vertically-integrated oil companies, FAS Russia fined “Bashneft” ANK” OJSC for violating the antimonopoly law (Part 1 Article 10 of the Federal Law “On Protection of Competition”).

As “Bashneft” ANK” OJSC voluntarily eliminated the violations, FAS did not issue a determination to stop violating the antimonopoly law.

Eliminating the consequences of the violation, “Bashneft” ANK” OJSC informed FAS about reducing gasoline prices by over 15% at two stages - in October and November 2011. At the same time, the company voluntarily reduced prices for motor petrol and on the small wholesale market.