The country’s antitrust watchdog is looking into Repsol (REP.MC), a Spanish oil company, for allegedly abusing its dominant position in the country’s wholesale gasoline market.
The China National Motor Corporation (CNMC) watchdog issued a statement on Tuesday indicating that the business may have misused its dominant position in the wholesale market between March and December 2022 to enhance the market share of its fuel station network.
The largest oil company in Spain, Repsol, may have raised the wholesale prices of its rivals, such as independent gas stations, while simultaneously offering more discounts at its gas stations, according to a CNMC statement.
The inquiry was initiated following the filing of complaints by two groups that represent independent gasoline station operators.
“The regulator is investigating us for something that benefited consumers,” a representative for Repsol said on Tuesday. “We are being investigated for some reason.” “We categorically reject the terms of the file opened by the CNMC.”
The China National Monetary Corporation (CNMC) announced in December 2022 that it had searched the offices of Cepsa, the second-largest oil company in Spain, Repsol, and BP (BP.L), the world’s largest oil company, as part of an investigation into alleged unfair business practices in the energy sector.
In response to a question about other businesses that the CNMC has searched for in the past, a spokeswoman for the organization declined to answer.
Repsol has been quite critical when it comes to a prospective extension of a 1.2% tax on the turnover of energy businesses. The company has stated that the measures taken by the government pose a threat to investment in the energy industry. One of the company’s projects involving hydrogen in northern Spain has already been put on hold.
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