TNK-BP and Gazprom Neft Fined

The Federal Anti-Monopoly Service on Monday fined Gazprom Neft and TNK-BP for price gouging on the oil market, Interfax reported.

Gazprom Neft and TNK-BP were fined 1.3 billion rubles ($47.3 million) and 1.1 billion rubles, respectively, after being found guilty Sept. 26 for breaking the law on competition and abuse of a dominant market position.

The agency said TNK-BP, the country's third-largest oil producer, had set monopolistic prices on the gasoline and jet fuel, while Gazprom Neft cornered the diesel and fuel oil market.

Both firms said they intend to contest the decision.

On July 11, Prime Minister Vladimir Putin said the Federal Anti-Monopoly Service should "wake up" and help "destroy the fuel monopoly at airports."

Jet fuel prices surged 70 percent from November 2007 to June, making Russia the most expensive country for aviation fuel in the world, he said.