Fuel Fight: Italian Antitrust Authority Slaps Fines on Oil Titans

Italy's watchdog has taken action against six oil companies, imposing hefty fines totaling 936 million euros for alleged antitrust violations within the motor fuel sector. Eni, burdened with the largest fine, along with Esso, Italiana Petroli, Q8, Saras, and Tamoil, are accused of forming a cartel to manipulate fuel prices.

The investigation, sparked by a whistleblower's tip-off, revealed coordinated actions by these companies between January 2020 and June 2023. They allegedly raised the biofuel component cost, impacting overall fuel expenses. Although fined 336 million euros, Eni refuted the charges, preparing to contest them legally.

Similarly, IP and Q8 have denied any misconduct, intending to challenge the accusations in Italy's regional administrative court. As the companies stand firm on their defense, the regulator's comprehensive probe showcases its vigilant stance on upholding fair competition.

(With inputs from agencies.)