Italy Fines Eni, Other Oil Firms €936M for Price Fixing

Post by : Naveen Mittal

Italy Imposes €936 Million Fine on Eni and Other Oil Firms for Fuel Price Fixing

Italy's antitrust regulator has fined Eni and five other oil companies a total of over €936 million ($1.09 billion) for engaging in anti-competitive practices in the truck fuel market. The companies—Eni, Esso (owned by ExxonMobil), IP, Q8, Saras, and Tamoil—were found to have operated as a cartel between January 2020 and June 2023, manipulating the price of the biofuel component in truck fuel.

Details of the Antitrust Ruling

The investigation revealed that the biofuel component's cost rose from approximately €20 per cubic meter in 2019 to about €60 in 2023, significantly inflating fuel prices for consumers. The cartel's activities were uncovered following a whistleblower's tip-off, leading to a comprehensive probe by Italy's competition authority.

Fines were imposed as follows:

• Eni: €336 million

• Q8: €173 million

• IP: €164 million

• Esso: €129 million

• Tamoil: €91 million

• Saras: €44 million

These penalties aim to deter future anti-competitive behavior and promote fair competition within the energy sector.

Industry and Public Reactions

At the time of reporting, Eni and IP had not responded to requests for comment. The lack of public statements from the fined companies leaves questions about potential appeals or compliance with the imposed fines.