FAS Warns against Making Speculative Public Statements Concerning Future of Oil Prices

On August 23rd, the Federal Antimonopoly Service (FAS) warned the Executive Director of the Russian Fuel Union, Grigory Sergienko, that making speculative public statements about potential growth of gas prices, can not only provoke unsubstantiated demand for oil products and consequent increase in prices, but  also is a violation of Russian antimonopoly law.  This is not the first time when FAS has warned the leaders of the Russian Fuel Union that such statements can improperly suggest price guidelines to markets.  FAS also  reminded the Union that it is a non-commercial organization, whose primary role is not setting or monitoring prices for oil products, but rather development of common positions held by participants of the oil market. FAS further noted that if signs of unreasonable oil price growth are revealed, it will undertake measures of antimonopoly regulation (referencing Part 5 Article 11 and Article 25.7 of No.135-FZ Federal Law “On Protection of Competition” prohibiting coordination of economic activities by non-commercial organizations).

http://en.fas.gov.ru/news/news_32416.html