Spain’s competition authority has drawn a line under a high-profile investigation into the country’s fuel market, concluding that there is no evidence of collusion among major oil companies during a period of intense price volatility. The Comisión Nacional de los Mercados y la Competencia announced it will not pursue sanctions against BP, Moeve, and Repsol over allegations that they coordinated pricing strategies or collectively abused market dominance.
The case originated from complaints filed in 2022 by industry associations representing independent, low-cost petrol stations. They argued that the three energy giants had taken advantage of the sharp increase in fuel prices following the Russian invasion of Ukraine to squeeze smaller competitors. According to the complaint, the companies simultaneously raised wholesale fuel prices for independent operators while offering aggressive retail discounts through loyalty schemes, effectively drawing customers away from low-cost stations.
After reviewing the evidence, however, the CNMC found no indication of illegal coordination. The regulator concluded that there had been no exchange of sensitive information or concerted practices between the companies. Instead, it determined that market developments—particularly discount strategies—were visible through public channels, meaning competitors could react independently rather than through collusion.
The authority also dismissed the idea that the companies held a collective dominant position. It pointed out that Repsol, with its significantly larger refining capacity and market share, operated independently rather than as part of a coordinated group with BP and Moeve. In fact, the CNMC noted that some of Repsol’s pricing strategies appeared to have negatively impacted its rivals by attracting customers away from them.
Yet the decision does not amount to a clean slate for the Spanish fuel market. In a separate case concluded earlier this year, the CNMC fined Repsol €20.5 million for abusing its dominant position in wholesale fuel distribution. The regulator found that Repsol had engaged in margin squeeze practices—raising prices for independent stations while simultaneously offering discounts at the retail level that those competitors could not match.
The contrast between the two decisions highlights a nuanced enforcement approach. While the CNMC found no evidence of coordinated conduct among the major players, it remains willing to act decisively against unilateral abuses of dominance that harm competition.
For Spain’s fuel sector, the outcome reinforces a key message: parallel pricing behavior in concentrated markets is not, by itself, proof of collusion. But dominant firms acting alone still face scrutiny if their strategies undermine the viability of smaller competitors.
