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Spain: Probe launched into oil market, compounded on ongoing EU case

By  |  May 19, 2013

Spain’s energy watchdog CNE announced the initiation of a probe into some of the largest oil companies in the country for suspicion of fixing prices as gas pumps. The case compounds the problems of the European’s gas market as the investigation is added on top of an ongoing investigation by the European Commission into the continent’s market. The CNE announced that it is looking into companies Repsol, BP and Cespa and suspects the companies fixed prices during a period of recession and declining demand. The regulator’s monthly report accuses the companies of increasing their margins despite the declining demand for both petrol and diesel. The companies were not available for comment on the matter, according to reports.

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