MOTORISTS in Spain are being hit in the pocket by the highest pre-tax fuel prices in Europe, according to a damning report.
The study, carried out by the National Competition Commission (CNC), found the monopoly enjoyed by Repsol, Cepsa and BP over the market is causing a lack of competition, thereby keeping prices high and damaging the competitiveness of Spanish firms abroad.
In an 85-page document, the CNC suggests a number of measures to help open up the market.
These include ‘conflict of interest’ regulations and a reduction in red tape for operators looking to open new service stations and refineries.
“This report puts forth evidence that the level of effective competition in the fuel sector in Spain is insufficient,” it says.
“This may explain the high prices and margins recorded in Spain and their differential with respect to other EU countries.”