This paper investigated the retail gasoline market in Spain for asymmetric price adjustment and rent seeking following changes in crude oil price. The paper used nonlinear autoregressive distributed lag (NARDL) approach and monthly time series data for the period 2005M1 – 2015M12. The results show that the speed of adjustment ranged between 43 – 44 % per month, which is sluggish and typical of markets witnessing lack of competition and prolonged periods of mispricing. In addition the results also show that there is significant evidence of long-run asymmetry even at the 1% level. The estimated coefficients are quite low, suggesting that consumes in this market are somewhat prone to the fluctuations in the crude oil market. Overall, retail gasoline prices respond more swiftly to crude oil cost increases in the long-run than to cost decreases. These results indicate that the market needs continuous monitoring to avoid exploitation of consumers.