Gazprom alleges that EU price probe is "politically motivated"

The deputy chief executive of Gazprom, Alexander Medvdev, has accused the European Comission of acting politically in investigating alleged price fixing by oil companies

"We have doubts about the motivation," Medvedev said through an interpreter, and asked if the Commission's move was an attempt to "depress gas prices by artificial means" as opposed to through commercial negotiation.

(Reuters)

A probe of oil price-fixing has since been widened, as trading houses such as Glencore have been asked to submit information. So far BP, Shell, Statoil, ENI and Platts have confirmed that they are under investigation by the European Comission.

Companies can be fined by as much as 10 per cent if they are found to be in violation of competitive behaviour rules.