The Italian Competition Authority has concluded its probe into major oil operators Eni (NYSE:E), Esso, Ip, Iplom, Q8, Saras (OTCPK:SAAFY), and Tamoil, it said on Friday, after an investigation found that the companies were involved in an agreement that restricted competition in the sale of motor fuel.
As a result, the Authority imposed a total fine of €936.7 million, including €336.2 million on Eni, €129.4 million on Esso, €163.7 million on Ip, €172.6 million on Q8, €43.8 million on Saras, and €91 million on Tamoil.
“Following a complex investigation, prompted by a whistleblower’s complaint, the Authority found that Eni, Esso, Ip, Q8, Saras, and Tamoil coordinated to set the value of the bio component factored into fuel prices (a component introduced by the companies to comply with obligations under current legislation).”
The cartel began on January 1, 2020, and continued until June 30, 2023. The value of this important price component rose from around 20€/m3 in 2019 to around 60€/m3 in 2023, according to the statement.