Feb 3 (Reuters) - Spain's competition watchdog said on Tuesday it was imposing fines totalling 20.5 million euros ($24.2 million) on three companies in the Repsol group for what it called an abusive
Repsol Group Fined $24 Million for Anti-Competitive Practices
Repsol's Market Practices and Regulatory Actions
Feb 3 (Reuters) - Spain's competition watchdog said on Tuesday it was imposing fines totalling 20.5 million euros ($24.2 million) on three companies in the Repsol group for what it called an abusive margin-squeeze strategy that harmed independent and low-cost fuel stations.
The CNMC said Repsol held a dominant position in Spain's nationwide wholesale market for automotive fuels supplied to service stations, which carries a special duty not to restrict competition.
Details of the Fine
The regulator found Repsol raised wholesale prices charged to rival stations between April and December 2022, while simultaneously cutting effective retail prices at its own network for professional customers - mainly truckers.
Repsol did not immediately respond to a request for comment.
Impact on Public Tenders
The CNMC's fine affects Repsol Comercial De Productos Petroliferos, Solred and Campsa Estaciones De Servicio, it said.
The three companies are also banned from taking part in public tenders related to the supply of automotive fuel for six months, the CNMC added in a statement. The decision can be appealed before Spain's High Court.
($1 = 0.8460 euros)
(Reporting by Paolo Laudani and David Latona; Editing by Kirsten Donovan)
