Reuters reported that Russia competition regulator is to fine LUKOIL RUB 6.54 billion after finding the country's second biggest oil producer guilty of abusing its market position in refined products.

Mr Sergei Noskovich a spokesman for Russia Federal Anti-Monopoly Service said "A decision has been taken to impose a fine of RUB 6.54 billion for abusing its dominant market position."

Lukoil, Russia largest privately owned oil company is not alone to have been fined by FAS this year in a crackdown on pricing.

The service also ruled that Rosneft had violated anti-trust legislation and hit the state controlled market leader with a fine of RUB 5.28 billion.

(Sourced from Reuters)