Italy Slaps Six Oil Firms With $1bn Penalty Over Competition Violations

Italy’s antitrust authority has fined energy giant Eni and five other oil companies a combined sum of more than €936 million ($1.1 billion) for engaging in practices that restricted competition in the fuel market.

According to the regulator, Eni, Esso, Ip, Q8, Saras, and Tamoil coordinated to fix the value of the bio component included in fuel prices, which tripled between 2019 and 2023.

An investigation launched after a whistleblower’s report found that the companies carried out parallel price increases — often overlapping — as a result of direct or indirect information exchanges. The cartel, the authority noted, operated from January 1, 2020, until June 30, 2023.