Large Russian oil majors LUKoil, Gazprom Neft, TNK-BP and Rosneft will have to pay a total of 15 billion rubles ($500 million) in fines for inflating petrol prices in 2008-2009, Federal Antimonopoly Service (FAS) head Igor Artemyev said on Wednesday.
"The total volume of penalties will amount to 15 billion rubles," Artemyev told the State Duma, Russia's lower house of parliament.
The FAS had initially levied a 26 billion ruble fine on the companies but later they signed amicable agreements with the service, reducing the sum.
Artemyev said the FAS believed that the heavy penalties would have a positive effect on oil producers' pricing policy, but said other measures were ready if need be.
"In general, we are ready for new action. There is a subject for antimonopoly procedures," he said.
He said the service would decide before February 6 whether to initiate new suits against oil companies following a price hike at the end of last year.
Artemyev said it was difficult to justify Russian petrol prices, given the existence of higher international oil prices and petrol excise duties.
MOSCOW, January 26 (RIA Novosti)
