Italy’s competition watchdog has levied massive fines totaling over €936 million (approximately $1.1 billion) against six major oil companies including Italian energy giant Eni for allegedly engaging in anti-competitive practices in the pricing of fuel.
In a statement released Friday, the Italian Antitrust Authority (AGCM) accused Eni, along with Esso, IP, Q8, Saras, and Tamoil, of illegally coordinating the pricing of the biofuel component in retail fuel sales, leading to significant cost increases for consumers.
According to the regulator, the companies collectively manipulated the bio-component pricing, which saw costs triple between 2019 and 2023. The alleged coordination allowed the firms to implement parallel and near-identical price hikes, undermining fair competition in the market.
“These price increases were the result of direct or indirect exchanges of sensitive commercial information among the companies,” the antitrust body said.
The probe was initiated after a whistleblower complaint raised alarms about suspicious pricing patterns. The subsequent investigation uncovered what the AGCM described as a “cartel-like behavior” that began on January 1, 2020, and continued until June 30, 2023.
The companies reportedly aligned their strategies by setting a common valuation for the biofuel mix, a required component of modern fuel blends thus artificially inflating pump prices across Italy.
The AGCM’s decision sends a strong signal to the energy sector about the consequences of price-fixing and cartel activity. The case is likely to trigger appeals from the sanctioned firms and could invite further scrutiny from European regulators.
This development comes amid growing global concerns over fuel pricing transparency, inflation, and the need for cleaner, competitive energy markets.
The fine adds to a complex public image for Eni, which remains one of Europe’s largest energy players. The company has also been active in international development efforts, including recently awarding postgraduate scholarships to 30 Nigerian students, a gesture seen as part of its global corporate social responsibility efforts.
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