The AMCU Found No Evidence of Collusion in the Fuel Market: The Committee’s Arguments
18 June 09:37
The Antimonopoly Committee of Ukraine found no evidence of anti-competitive concerted actions in the light petroleum products market, while emphasizing the need to promptly reduce retail fuel prices in line with the drop in global oil prices, said Committee Chairman Pavlo Kyrylenko on the “Suspilne” television channel, according to "Komersant Ukrainian", citing “Interfax-Ukraine.”
According to him, the market situation is being monitored, and a corresponding study and analysis have been underway since March of this year.
“The price increase was caused by clear economic and understandable factors. Therefore, as of now, there is no basis to believe that anti-competitive concerted actions—in the form of agreements or similar actions—have taken place among market participants in the light petroleum products market, given that there are clear economic factors at play,” said Kyrylenko.
At the same time, he noted that the market reacted unevenly to changes in global prices, and retail prices changed more rapidly during the upward phase than during the period of falling oil prices.
“Retail prices and their fluctuations occurred more rapidly… due to the need to build up future procurement portfolios to prevent fuel shortages in the Ukrainian market,” the AMCU chairman noted.
Kyrylenko reported that in April, the AMCU recommended that light petroleum product market operators respond to changes in global prices as the primary indicator for setting prices.
He also emphasized that the recent drop in oil prices by approximately 17% should be reflected in the retail fuel market.
“This can be done right here and now, because the price decline is quite steady and consistent. Therefore, there is absolutely no point in delaying this for light petroleum product retailers,” said Kyrylenko.
According to him, diesel fuel prices fell by 1–3 UAH over the course of the week, while gasoline prices remained virtually unchanged.
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