Spanish energy regulator CNE said today three oil companies may have colluded to increase fuel prices at the pump as oil price fixing once again came under the spotlight.
The regulator made the comments in a monthly report published independently of the European Commission’s probe into alleged oil price-fixing launched earlier this week.
The Spanish regulator said oil majors Repsol, BP and Cepsa had increased their margins by an average 31% for petrol and 13% for diesel, even while demand fell by 10.5% and 8.9% respectively, following the country’s deep recession.
Prices charged by the three big oil companies were found to be higher than those charged at independent petrol stations and were allegedly the result of a price fixing strategy on fuel.
The report shows that pre-tax Spanish fuel prices were 3.2 euro cents per litre higher than the European Union average.
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