Italian Antitrust Authority Fines Eni and Five Other Oil Companies

Italy’s competition authority announced on Friday that it has fined energy group Eni (ENI.MI) and five other oil companies operating in the country for restricting fair competition in the sale of fuel for trucks.

The regulator said that Eni, Esso (owned by ExxonMobil) (XOM.N), IP, Q8, Saras, and Tamoil were fined a combined total of more than €936 million ($1.09 billion).

According to the authority, between January 2020 and June 2023 the companies acted as a cartel to fix the price of the biofuel component that contributes to the overall cost of fuel. This critical component rose in price from about €20 per cubic meter in 2019 to nearly €60 in 2023.

The investigation, described as “complex,” was launched following information provided by a whistleblower.

The fines include €336 million for Eni, €173 million for Q8, €164 million for IP, €129 million for Esso, €91 million for Tamoil, and €44 million for Saras.

Eni and IP did not immediately respond to requests for comment, while Reuters was unable to reach the other companies.

($1 = €0.8562)