RIA Novosti quoted Russia anti monopoly watchdog said that the country largest private oil company LUKoil had admitted to price fixing and vowed to cease the practice.

This is the third wave of price fixing inquiries against four of Russia top oil companies in the Federal Anti-Monopoly Service. The first two waves ended up with the companies paying over USD 550 million in fines as of July 8.

Mr Anatoly Golomolzin deputy chief of the anti-monopoly service said "Today we received a written statement on the issue, which says the company would seek to eliminate the violations and their consequences and admits having fixed the price."

He added that the service had received no such statement from Rosneft, Russia's state-owned oil giant.

The watchdog pursued four Russian companies Rosneft, LUKoil, Gazprom Neft and TNK-BP for price fixing in 2008 to 2009 and imposed a fine of RUB 26 billion for the period which was later reduced to RUB 15 billion.


(Sourced from RIA Novosti0