The National Agency for Energy Regulation (NAER) obliges the license holders that work on the oil products market to annul the prices that were raised unjustifiably staring with June 14 or it will initiate the procedure for suspending the licenses of the companies that will not comply, IPN reports.

In a press release, the NAER says its Administration Board approved the decision on deviations in the formation of prices on the oil products market in an ad-hoc meeting on June 16. The Agency ascertained that the fuel price rises of June 14-16 are unreasonable.

After amendments to Article 4 of the Law on Oil Products Market took effect on June 14, the license holders are to set the prices in accordance with the methodology for calculating and applying fuel prices that was approved by the NAER.

This way, the fuel prices set before June 13, 2021, midnight, cannot be raised by sellers until the new methodology comes into force. The methodology is now being registered with the Ministry of Justice.