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Spain Suspects Oil Companies of Forming Price Cartel.

Madrid, Ramadan 21, 1434, July 30, 2013, SPA -- Spain's anti-cartel authority said on Tuesday it had found evidence that oil companies had conspired to inflate prices, dpa reported.

The National Competition Commission (CNC) said Spain's Repsol, Cepsa, Disa and Meroil - as well as Lisbon-based Galp - appeared to have exchanged sensitive information to coordinate prices.

The commission also suspects that Repsol, Cepsa and British Petroleum have coordinated prices with distributors.

The CNC has been investigating the companies for months, searching their Spanish headquarters.

The competition regulator has said it has observed a so-called "Monday effect" of prices falling on Mondays.

The CNC said the companies would be sanctioned if the existence of a price cartel is confirmed.

Industry Minister Jose Manuel Soria said Spain's pre-tax fuel prices were among the highest in Europe.

Repsol denies any wrongdoing.

--SPA 16:49 LOCAL TIME 13:49 GMT Latest News Previous Next |

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Publication:Saudi Press Agency (SPA)
Geographic Code:4EUSP
Date:Jul 30, 2013
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