Italian Antitrust Stings Energy Giants with Over €936 Million in Fines

In a landmark decision, Italy's antitrust regulator has imposed hefty fines on energy giant Eni and five other oil companies operating within the nation. The penalties, totaling more than €936 million ($1.1 billion), were announced following findings that these companies engaged in anti-competitive practices in the sale of motor fuel.

According to the watchdog, between January 2020 and June 2023, Eni, Esso, Italiana Petroli (IP), Q8, Saras, and Tamoil coordinated as a cartel to set the price of a critical biofuel component. This move resulted in the price of the component soaring from €20 per cubic metre in 2019 to €60 in 2023.

Despite the regulator's conclusions, Eni and other implicated companies have strongly rejected the allegations, with Eni stating that the charge misrepresents the facts. Legal appeals are expected, as these companies vow to challenge the decision in court.

(With inputs from agencies.)