Gross profits for petroleum firms have risen 31% in the past quarter. Profits have spiked sharply for 95-octane gas, which is offering earnings of 20 cents per liter despite falling demand.
Although it's true that low consumption has led to 400 gas stations closing shop, imperfect competition among Spain's top three gas companies has allowed profits to rise proportionately more than other sectors of the economy.
But this is nothing new, and the reports that the National Energy Commission puts out regularly should be considered by the National Competition Commission so that this institution can streamline commercial activity that directly affects gas prices for consumers.
