Tashkent, Uzbekistan (UzDaily.com) – The Committee on Competition and Consumer Protection has found Lukoil Overseas Supply and Trading Ltd guilty of price manipulation of technical sulfur.

Earlier, the Committee reported detecting signs of manipulation by Lukoil Overseas Supply and Trading Ltd in the sale of technical sulfur through exchange trading. Specifically, incorrect presentation of product volumes at auctions led to an increase in prices for this commodity.

As a result of these actions, prices for technical sulfur on exchange markets increased on average by 10-50%.

A special commission of the Committee reviewed the case and concluded that Lukoil Overseas Supply and Trading Ltd violated legislation. The company breached requirements regarding the sale of highly liquid and/or monopolistic products on stock exchanges.

The company has been instructed to return unlawfully obtained funds and take measures to rectify and prevent further violations.

The Committee noted that Lukoil Overseas Supply and Trading Ltd has the right to challenge this decision in court.