The current price of oil around USD 100 per barrel is completely fair, according to Russian oil company Lukoil's president Vagit Alekperov.

Over the spring, company's Bulgarian subsidiary, Lukoil Bulgaria, has been accused by consumers of exploiting its dominant marked position and creating unrealistically high end prices.

The putting into question of Lukoil Bulgaria's price formation was seconded by Bulgarian Minister of Economy and Energy Traicho Traikov, only to be chastised by PM Boyko Borisov, who ran at Lukoil's succour.

Monday RIA Novosti is quoting Lukoil's president as defending the worldwide level of the prices of oil.

"I think that now the oil marked is oversaturated, and the fair price is around USD 100, maybe a bit more, but not much."

Alekperov further characterized the market of natural gas as "highly volatile."