Gasoline is rising so much that several countries are going to investigate the oil companies. Spain is not among them

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The 20 cents subsidy for gasoline have been left in the lurch. Anyone who goes to a service station regularly knows this. The impact of the aid lasted only a few weeks, and Spain is no exception. Other countries applied similar measures to try to stop the uncontrolled escalation of fuel prices, such as reducing the taxes levied on it, and they are also seeing how the impact on its cost for citizens has barely been felt. For this reason, the United States, the United Kingdom and Germany have decided to investigate the oil companies.

Artificial price inflation. The authorities of these three countries want to find out if the production and transport costs of gasoline really continue to grow and, therefore, the oil companies have no choice but to do the same with the marketing prices so as not to incur losses, or yes, on the contrary, they are taking advantage of tax rebates and state subsidies and the current economic context to keep those figures artificially high in order to obtain more profits.

The first country that initiated an investigation in this regard was the United States. In November 2021, Biden asked the US Federal Trade Commission to find out if oil and gas companies were engaged in “illegal conduct” to raise gasoline prices, according to the New York Times. This investigation is still ongoing.

In Germany, the Federal Cartel Office said last April that it had launched an investigation in the oil sector to determine the reasons for the evolution of prices, according to Bloomberg. In addition, this week the German Economy Minister, Robert Habeck, accused these companies of not reflecting the benefits of the reduction in fuel taxes in their sales prices and of profiting from the subsidies.

Finally, on June 11, the Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom, Kwasi Kwarteng, asked the UK Competition and Markets Authority to launch a similar investigation.

Prices. In the United States, the average price of a liter of gasoline is 1.24 euros, in Germany it is 1.95 euros and in the United Kingdom it is 2.06, according to data updated on June 6 from the specialized portal globalpetrolprices. All are below the 2.08 euros per liter that it currently costs in Spain, not counting the subsidy.

Spain. In our country, a specific investigation has not yet been initiated in this regard. According to said in may The Minister of Economic Affairs, Nadia Calviño, the National Markets and Competition Commission (CNMC) was monitoring the situation and was alert in case it detected that the gas stations (which are the ones that transmit the subsidies in Spain) absorbed the aid without passing it on in the sale price.

At the end of May, the CNMC assured that they were constantly carrying out this supervision and had not detected any increase in the profit margins of the gas stations, so they did not see fit to initiate any investigation.

The 20 cents subsidy for gasoline have been left in the lurch. Anyone who goes to a service station regularly…

The 20 cents subsidy for gasoline have been left in the lurch. Anyone who goes to a service station regularly…

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