Six important oil companies have received a joint fine of 937 million euros in Italy for illegal price agreements. Eni, Esso, IP, Q8, Saras and Tamoil made agreements about the price of the biocomponent in gasoline prices.
That stated the Italian competition authority AGCM after a tip from a whistleblower. It concerns illegal agreements in the period from the beginning of 2020 to mid -2023. The price of the biocomponent tripled in four years.
The highest fine of more than 336 million euros is for ENI. According to the AGCM, that company regularly passed on the set price to a professional medium. There was also direct communication between the companies, so that they could often increase prices at the same time.
Oil companies Ibold and Repsol were also investigated, but they were not found guilty.
Six Major Oil Companies in Italy Have Been Fed A Total of 937 Million Euros for Illegal Price-fixing. Eni, Esso, IP, Q8, Saras, and Tamoil Made Agreements on the Price of the Biocomponent in Gasoline Prices.
This was Stated by the Italian Competition Authority AGCM After a Tip from a Whistleblower. It Concerns Illegal Agreements in the Period from the Beginning of 2020 to mid-2023. The Price of the Biocomponent Tripled in Four Years.
The Highest Fine of More Than 336 Million Euros is for Eni. Accordance to the AGCM, that company Regularly passed on the fixed price to a trade medium. There was also direct communication between the companies, allowing them to raise prices simultaneously.
Oil Companies I Diplom and Repsol Were also Investigated, But Were Not Found Guilty.