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 Yatseniuk orders probe into possible collusion in oil market

On Jan. 22, Prime Minister of Ukraine Arsenii Yatseniuk held a meeting on oil market pricing and quality of oil products.

Censor.NET reports citing the Cabinet's press service.

Yatseniuk reminded that last week he had instructed the minister of energy and coal industry to meet with oil market operators in order to "introduce a market-based approach in oil product pricing in the retail sales network."

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The prime minister stressed that oil had slumped by almost $10 over the week. Minister of Energy and Coal Industry of Ukraine Volodymyr Demchyshyn reported that the key market players had reduced the cost of AI95 and AI92 gasoline in average by 50 kopecks, diesel fuel - by UAH 1.

Yatseniuk noted that "by a strange coincidence, the main operators split into groups, and these groups very quickly and simultaneously make decisions about changing prices."

He asked Anti-Monopoly Committee Chairman Yurii Terentiev to find out whether there was a collusion in the oil market, consider instituting proceedings and "help establish fair and transparent rules in the oil market, using exclusively market methods."

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Terentiev said "there are signs of a simultaneous anti-competitive behavior of several players in the oil market, who set prices at odds with the dynamics of world market quotations.

The AMCU has started a corresponding investigation, he added.

Yatseniuk stressed the need to conduct the investigation "in a maximally open and transparent way. We do not ask anyone about something, we do not set prices or formulas. We demand only one thing: market-based approaches and market competition. The more competition we have the less impact on prices is there."
 
 
 
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