FAS Russia suspected Bashneft, Rosneft and LUKOIL in exchange manipulations

UFA, 7 November 2014. /Bashinform News Agency, Elvira Latypova/. The Federal Antimonopoly Service (FAS Russia) initiated a case against JSOC Bashneft, Rosneft , LUKOIL and LUKOIL-Rezervnefteprodukt on the grounds of manipulation at the stock exchange, according to the website of FAS. The registry of trading has been studied to establish the causes of significant growth in retail gasoline prices.

During the analysis of trades conducted at the St. Petersburg International Mercantile Exchange in the period from January to September 2014, a significant amount of "tic" sale transactions by Bashneft, and petroleum products purchase transactions - by Rosneft and LUKOIL-Rezervnefteprodukt was revealed. After examining the patterns of transactions, FAS Russia concluded the possible availability of manipulation.

According to FAS Russia in the period from January to September 2014 a price increase for automobile gasoline AI-92 and AI-95 in OTC wholesale segment amounted to about 20 percent. In exchange segment the cost of gasoline AI-92 increased by 34 percent, AI-95 – by 35 percent. This led to an increase in retail prices. According to Rosstat, YTD gasoline AI-92 rose by 10 percent, AI-95 - by 7.8 percent at the general rate of inflation of 6.3 percent. The Antimonopoly Service found that one of the reasons for the increase in wholesale prices was the increase in stock prices at the St. Petersburg International Mercantile Exchange.

As the press service of Bashneft told the Bashinform News Agency, the company has not yet received any requests from FAS and is willing to cooperate with the regulator in all aspects of the proceedings.