MOL and Croatian oil and gas company INA, the biggest shareholder of which is MOL, announced the deal a year ago to acquire OMV Slovenija, Slovenia's second-largest petrol retailer.
MOL requested EU antitrust approval for the deal last month and did not offer any concessions to address the EU competition enforcer's concerns after a preliminary review.
The European Commission said it was concerned that the deal to merge the second and third-largest fuel suppliers in Slovenia could reduce competition.
"To ensure that fuel prices at the pump are not artificially inflated by lack of competition, we need to keep a close eye on consolidation," Commission Vice President Margrethe Vestager said in a statement.
The Commission also cited high barriers for potential rivals to enter the market. It will decide by Oct. 28 whether to clear or block the deal.
(Reuters, June 23, 2022)