Oil Explains All: Desirable Organisation of the Russian Fuel Markets (on the Data of Three Waves of Antitrust Cases against Oil Companies)
This article considers the mutual influence of antitrust enforcement in petroleum product markets and competition legislation in Russia. An analysis of infringement decisions of the Russian competition authority allows us to understand the perceived goals of economic policy in this sector. The shift from antitrust investigations and infringement decisions to a very specific set of remedies is explained by the desire to maintain low retail prices under increasing concentration without price subsidisation and without promotion of the entry at the refining stage of the value chain. The article highlights the specific use of antitrust legislation to maintain low fuel prices and to support independent retailing companies. We also note the limitation this policy faces. The goals and effects of antitrust enforcement in the industry explain, in turn, the specific path of competition legislation development in Russia.