Italy's antitrust fines oil companies Eni, Esso, Q8 and others €937M for fuel market collusion

The Italian Competition Authority concluded its investigation into major oil companies, including Eni, Esso, and others, for anti-competitive practices related to motor fuel sales, initiated by a whistleblower complaint.

A total fine of €936.7 million was imposed on the companies, with specific penalties including €336.2 million for Eni and €172.6 million for Q8, among others.

The investigation uncovered collusion among these firms to manipulate the pricing of a bio component in fuel, which rose from approximately €20 per cubic meter in 2019 to around €60 by 2023, contributing to significant inflation in fuel costs.

Regulatory Action Rating: 9/10

The Italian Competition Authority has wrapped up its investigation into major oil companies, including Eni (NYSE:E), Esso, Ip, Iplom, Q8, Saras (OTCPK:SAAFY), and Tamoil. The inquiry, which was initiated following a whistleblower complaint, revealed that these firms had engaged in anti-competitive practices concerning the sale of motor fuels.

As a consequence of the findings, the Authority has levied a substantial total fine amounting to €936.7 million. This includes penalties of €336.2 million for Eni, €129.4 million for Esso, €163.7 million for Ip, €172.6 million for Q8, €43.8 million for Saras, and €91 million for Tamoil.

The investigation highlighted that from January 1, 2020, to June 30, 2023, these companies colluded to manipulate the pricing of the bio component that is integrated into fuel prices. This component was introduced as part of their compliance with existing regulatory requirements. Notably, the price of this crucial component surged from approximately €20 per cubic meter in 2019 to around €60 per cubic meter in 2023, signaling significant inflation related to fuel costs throughout this period.