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. Last Updated: 07/27/2016

Oil Firms to Report to Anti-Monopoly Service

The Federal Anti-Monopoly Service has asked the nation's four largest oil companies -- LUKoil, TNK-BP, Rosneft and Surgutneftegaz -- to provide information about fuel price increases on the domestic market.

The oil companies were asked to provide data covering the period from December 2004 to April 2005. The service said it wanted to know the volume of raw materials extracted, the amount of oil and oil products exported, the price for and volume of oil sent to refineries, and retail prices at gas stations belonging to the companies.

Since December, the authorities have asked for information about operations from most of the country's top oil producers, which also include Sibneft, Tatneft, Bashneft, Slavneft, Yukos and Alliance Group, to provide information by May 10, the service said Monday on its web site.

The request "aims to discover the justification for price increases" in 2005, the service said. "The service also requested information about price dynamics and oil product supplies to farmers."

TNK-BP and LUKoil last week agreed to cap fuel prices in Ukraine after the local authorities started to probe price increases.

The price of Russian export blend Urals crude has jumped 45 percent this year, and it traded at $49.87 per barrel on Friday.

President Vladimir Putin in December urged Russian oil companies to follow LUKoil's example in cutting domestic fuel prices to subsidize the nation's consumers. LUKoil at that time announced a 5 percent cut in retail prices.

(Bloomberg, AP)