Phoenix 24
The competition regulator says sector profitability remains compatible with a competitive market, although isolated irregularities and limited transparency still require closer supervision.
MADRID, SPAIN | BUSINESS | AUGUST 2026
Spain’s fuel distributors have not systematically exploited recent price increases to generate excessive profits, according to an analysis by the National Markets and Competition Commission.
The CNMC examined the profitability of wholesale and retail companies operating across the liquid-fuel supply chain. Its findings indicate that average returns remained moderate and showed no sustained structural increase suggesting widespread market abuse.
The study analysed corporate accounts between 2019 and 2024, using indicators including earnings before interest, taxes, depreciation and amortisation, operating profit and return on invested assets.
Among the largest wholesale operators, the average EBITDA margin stood at approximately 2.4% in 2024. The median margin among major retail companies—including petrol-station operators—was around 3.5%.
The regulator found no clear relationship between company size and profitability. It also documented considerable variation between businesses, particularly among smaller companies and wholesalers operating under different commercial models.
The conclusion does not mean that every operator behaved correctly. Previous monitoring identified unusual pricing patterns at approximately 50 of the more than 10,000 petrol stations analysed in Spain, including concerns that some stations may not have fully transferred temporary tax reductions to consumers.
The CNMC also detected isolated cases of unusually high profitability that could involve companies prohibited from operating in parts of the wholesale market. Those situations remain subject to additional scrutiny.
Spain commissioned the review amid rising fuel costs associated with geopolitical instability in the Middle East and disruption throughout the international energy market. The government wanted to determine whether increases at the pump reflected global costs or excessive margins within the domestic distribution chain.
The regulator’s findings distinguish between expensive fuel and market manipulation. Consumers can face severe financial pressure even when companies are not generating abnormal profits, particularly when crude prices, refining costs, transport expenses and taxation rise simultaneously.
The CNMC has recommended continued monitoring of corporate profitability and gross distribution margins, stronger reporting requirements for wholesalers and greater transparency regarding discounts, loyalty programmes and supply costs.
Spanish oil companies must continue reporting their acquisition costs and final selling prices to the regulator every week through the end of 2026.
The study therefore clears the broader sector of structural profiteering, but not of responsibility. A competitive market requires regulators to ensure that reductions in international costs reach consumers as quickly and visibly as increases do.
Detrás de cada dato, la intención. / Behind every data point, the intention.