MILAN: Italy’s antitrust authority has imposed fines exceeding 936 million euros on six major oil companies for anti-competitive practices in the fuel market.
The regulator stated that Eni, Esso, Ip, Q8, Saras, and Tamoil coordinated to manipulate the bio component value factored into fuel pricing.
This coordinated action caused the bio component’s value to triple between 2019 and 2023, according to the authority’s findings.
An investigation launched after a whistleblower complaint uncovered parallel and largely coinciding price increases among the firms.
The authority confirmed the cartel operated from 1 January 2020 until 30 June 2023.
Eni responded with its “strongest disagreement and surprise” at the accusations it called incomprehensible and unfounded.
The Italian energy giant announced it would challenge the decision through legal action.
Eni argued the case ignores market logic and misrepresents legitimate communications between suppliers. – AFP