UPDATE: Spain Fines Repsol, Cepsa, BP EUR8 Million Over Price Fixing
July 30 2009 - 1:57PM
Dow Jones News
Spain's antitrust regulator said Thursday it has fined oil
companies Repsol YPF SA (REP), Cepsa (CEP.MC) and BP PLC (BP) a
total of EUR8 million on grounds that they fixed prices at their
gasoline stations across the country.
Spain's National Competition Commission said in a press release
that it imposed fines of EUR5 million against Repsol, EUR1.8
million against Cepsa and EUR1.1 million against BP.
The commission said the companies' price fixing resulted "in the
absence of competition at gas stations."
Repsol later Thursday in a filing release said it will appeal
the decision in courts, and denied any wrongdoing. Cepsa also said
it will appeal.
Agency Web site: www.cnc.es
-By Daniel De la Puente, EFE Dow Jones; +34 913958135;
djmadrid@dowjones.com