AMCU investigating into justifiability of fuel price hikes in January

The Antimonopoly Committee of Ukraine (AMCU) has decided to open a case and investigate an unjustifiable rise in petrol and diesel fuel prices in January 2010, reads a committee press release issued on Monday.

The decision was made following an analysis of the situation on the national fuel markets.

The committee said that in January international prices of petrol and diesel fuel, in particular, in Europe, grew by 8% and 7% respectively, while in Ukraine wholesale prices of high-octane petrol went up by 9.1%, that of low-octane – by 10.5% and of diesel fuel – by 6.2%, while retail prices grew by 11%, 12% and 14% respectively.

"The rise in wholesale prices should have affected retail prices no earlier than after two weeks, taking into account the adequate fuel stocks at our operators," reads the release.

"Synchronous actions by operators to increase fuel prices are evidence of the violation of competition law," reads the report, citing acting AMCU Head Oleksandr Melnychenko.

At present, the committee is considering 42 cases on regional fuel market operators.