MADRID, May 17 (Reuters) - Spanish energy regulator CNE onFriday accused three oil companies of colluding to hike fuelprices at the pump to protect their profits during a period ofsteep falls in demand in the midst of a deep recession.
The alleged price fixing at Spanish petrol stations isindependent from a European investigation this week into allegedprice rigging by major oil companies.
In its monthly report, CNE said oil majors Repsol,BP and Cepsa increased their margins by an average 31percent for petrol and 13 percent for diesel, even while demandfell by 10.5 and 8.9 percent respectively.
No response was immediately available from the companies andthe Spanish Association of Oil Product Operators, of which allthree are members, declined to comment.
The regulator said the prices charged by the three big oilcompanies were higher than those charged at independent petrolstations and were the result of a price fixing strategy on fuel.
The report shows that pre-tax Spanish fuel prices are 3.2euro cents per litre higher than the European Union average, butbecause taxes are lower than in other countries, the finalconsumer price is 9.4 cents below the EU average.
If oil companies' margins were lower, the Spanish governmentcould have more room to raise fuel taxes to help combat thecountry's budget deficit, analysts have said.
BP (BP.)