SOFIA May 25 Bulgaria's competition watchdog has cleared the local arms of Russian oil company Lukoil of abusing their dominant market positions following a 15 month investigation.
The Commission for Protection of Competition launched the probe in February after complaints from Bulgarians that fuel prices remained high despite a plunge in global oil prices, and a request from Prime Minister Boiko Borisov for the watchdog to make checks on the fuel sector.
Bulgaria Q2 wholesale gas prices jump by 30 pct | Reuters
The commission said in a statement on Thursday it had not found proof that Lukoil Bulgaria, a key fuel provider and taxpayer in the Balkan country, and the Lukoil Neftochim Burgas oil refinery had abused their dominant market positions. The watchdog examined Lukoil's trade relations with its wholesale clients and concluded there had not been any breach of fair competition rules.
In March, the commission also cleared six fuel retailers of price fixing after an investigation. Reporting by Angel Krasimirov; Editing by Mark Potter. LONDON, June 21 Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower.
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