The Italian Competition Authority (AGCM) has labeled recent actions by several major oil companies in Italy as part of a “competition-restrictive agreement,” according to a statement released today.
The companies involved include some of the largest oil firms operating in Italy: Eni, Esso, IP, Q8, Saras, and Tamoil, the latter having acquired Repsol’s entire network in the country in 2021.
Eni is required to pay 336,214 euros ($392,000), Esso 129,363 euros ($151,000), IP 163,669 euros ($191,000), Q8 a total of 172,592 euros ($201,000), Saras 43,788 euros ($51,100), and Tamoil 91,029 euros ($106,200).
The Italian competition authority’s investigation revealed that these six oil companies collaborated to set the price of a biological compound utilized in fuels to adhere to current legislation, which is factored into the final price.
The cost of this compound increased from 20 euros to 60 euros per cubic meter between 2019 and 2023.
The AGCM asserts that the oil firms were involved in several price hikes “determined by the direct or indirect exchange of information” among them.
Following the announcement of the fine, state-controlled Eni issued a statement expressing its “strongest disagreement and surprise” at the AGCM’s findings.
“The AGCM’s process is based on a forced reconstruction that ignores market logic and distorts facts, taking out of context legitimate communications related to mutual supply relationships between operators,” the statement asserts.
Eni also describes the fine as “paradoxical,” as the component that prompted the penalty “is imposed by regulatory obligations and accounts for only a few cents per liter in the final fuel price.”
Consequently, Eni announced it would “vigorously” defend its reputation before all competent authorities.
