Spain downstream oil long-term outlook
Oil product demand in Spain is reaching its post-pandemic peak in 2025, after a strong recovery in road and aviation fuel sales. The retail segment is highly consolidated with the five leading companies - Repsol, Cepsa, BP, Disa and Galp - controlling more than two-thirds of the market. The penetration of automated sites is growing, but the discount sector is still somewhat underdeveloped. Although gross margins are relatively high compared to other European markets, weakening demand and increased environmental legislation are driving the market leaders to diversify into non-fuel and alternative fuels.