CEPSA Investigated for Alleged Million-Euro Fraud in Las Palmas

Petróleos de Canarias (PETROCAN), a subsidiary of CEPSA, is being investigated by the Court of Instruction No. 2 of Las Palmas de Gran Canaria for alleged crimes against the Public Treasury. According to the digital outlet atlanticohoy.es, the investigation focuses on the import and subsequent sale of diesel at the Gran Canaria port as if it were fuel oil, which has a lower tax rate. Apparently, there are also two officials from the Canary Islands Tax Agency (ATC) involved.

The origin of this case dates back to a complaint filed in March 2021. CEPSA allegedly imported diesel, but the administrative document assigned it a tariff code specific to fuel oil, with the aim of paying less tax and obtaining greater profits.

The tax rate for fuel oil is €0.56/metric ton, while for diesel it is €222/1,000 liters. The investigation determines that between 2016 and 2021, CEPSA's subsidiary may have committed an alleged fraud of €7,773,298.38, which constitutes a crime against the Public Treasury.

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