Eni and five other oil companies fined by Italian competition watchdog
Italy's antitrust regulator has fined energy group Eni and five other oil companies operating in the country for practices restricting fair competition in the sale of motor fuel, the watchdog said on Friday.
The regulator said that fines totaling more than €936 MM ($1.1 B) had been levied against Eni, Esso, Italiana Petroli (IP), Q8, Saras and Tamoil.
Eni was ordered to pay the biggest amount - €336 MM - while Q8 was fined €173 MM, IP was fined €164 MM, Esso was fined €129 MM, Tamoil was fined €91 MM and Saras €44 MM.
The companies were found to have operated as a cartel between January 2020 and June 2023 to set the price of the biofuel component contributing to the overall cost of fuel, the watchdog said in a statement. The value of the price component rose from about €20 euros per m3 in 2019 to about €60 in 2023, it said.
Eni strongly rejected the charge, saying it would fight it in court.
The regulator's charge is based on a "reconstruction that ignores market logic and misrepresents the facts, taking out of context legitimate communications related to mutual supply relationships between operators," it said in a statement.
IP and Q8 also rejected the allegations.
"The company considers the allegations to be unfounded and is confident that its arguments will be upheld on appeal," an IP spokesperson said in a statement.
Q8 said it would consider an appeal before Italy's regional administrative court.
Saras said it had "always acted in full compliance with antitrust regulations and reserves the right to challenge the decision before the competent authorities."
The antitrust body said in its statement that it began what it described as a "complex investigation" after receiving a tip-off from a whistleblower.
The other companies did not immediately reply to requests for comment.
($1 = €0.8562)
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