The Bulgarian commission for protection of competition has launched an investigation into the Lukoil Neftochim Burgas refinery, suspecting the Bulgaria-based branch of a Russian oil giant of unfair competition, as well as gasoline and diesel overpricing amid plummeting global oil prices, the commission said in a statement
MOSCOW (Pakistan Point News / Sputnik - 17th April, 2020) The Bulgarian commission for protection of competition has launched an investigation into the Lukoil Neftochim Burgas refinery, suspecting the Bulgaria-based branch of a Russian oil giant of unfair competition, as well as gasoline and diesel overpricing amid plummeting global oil prices, the commission said in a statement.
"The commission for protection of competition received a signal from the Bulgarian Prosecutor's Office [the Supreme Court for Administrative Complaints], which contained allegations that the media reported on a mismatch between a significant drop in crude oil prices worldwide (by 47.4 percent) in March and a decrease in retail prices for motor fuel in the country (about 11 percent) for the same period," the statement read.
In this regard, the commission instituted proceedings to establish possible violations in determining retail prices for A-95 gasoline and diesel fuel sold at gas stations throughout the country. The regulator will check the entire production chain, including the stages of production, import, storage, wholesale and retail.
The trial is being conducted not only in relation to the Lukoil Neftochim Burgas refinery, but also in relation to the Lukoil Bulgaria, and all other fuel distribution chains in the country.
The Bulgarian customs agency said that the decline in commodity prices started around March 6 and was due to the COVID-19 pandemic, as well as measures and restrictions that countries around the world have taken to prevent its spread.
