The regulator said that fines totalling more than 936 million euros ($1.1 billion) had been levied against Eni, Esso, Italiana Petroli (IP), Q8, Saras and Tamoil.
Eni was ordered to pay the biggest amount – 336 million euros – while Q8 was fined 173 million euros, IP 164 million euros, Esso 129 million euros, Tamoil 91 million euros and Saras 44 million euros.
The companies were found to have operated as a cartel between January 2020 and June 2023 to set the price of the biofuel component contributing to the overall cost of fuel, the watchdog said in a statement. The value of the price component rose from about 20 euros per cubic metre in 2019 to about 60 euros in 2023, it said.
Eni strongly rejected the charge, saying it would fight it in court.
The regulator’s charge is based on a “reconstruction that ignores market logic and misrepresents the facts, taking out of context legitimate communications related to mutual supply relationships between operators,” it said in a statement.
IP and Q8 also rejected the allegations.
“The company considers the allegations to be unfounded and is confident that its arguments will be upheld on appeal,” an IP spokesperson said in a statement.
Q8 said it would consider an appeal before Italy’s regional administrative court.
Saras said it had “always acted in full compliance with antitrust regulations and reserves the right to challenge the decision before the competent authorities.”
The antitrust body said in its statement that it began what it described as a “complex investigation” after receiving a tip-off from a whistleblower.
The other companies did not immediately reply to Reuters’ requests for comment.
($1 = 0.8562 euros)
Reporting by Gavin Jones; Additional reporting by Alvise Armellini and Francesca Landini; Editing by David Goodman and Kate Mayberry – Reuters
This article was originally posted at sweetcrudereports.com
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