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Italy Hits Oil Giants With Nearly €1B Antitrust Fines

By  |  September 28, 2025

Italy’s antitrust watchdog has issued one of the largest competition penalties in Europe, fining six oil companies a combined €936 million for colluding to manipulate fuel prices, according to the Financial Times. The Autorità Garante della Concorrenza e del Mercato (AGCM) said its investigation uncovered coordinated practices among the country’s most significant fuel suppliers.

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    The heaviest sanction was imposed on Eni, which was ordered to pay €336 million. ExxonMobil’s Esso, Italian operator IP, and Kuwait’s Q8 each received fines ranging from €129 million to €172 million. Smaller penalties under €100 million were handed to Saras, linked to Italy’s Moratti family, and Netherlands-based Tamoil, owned by Oilinvest.

    The Financial Times reported that the case stemmed from a whistleblower complaint and followed what regulators described as a “complex investigation.” According to the AGCM, the companies colluded to set the value of a bio-based fuel component, a cost element passed on to consumers. This biofuel additive was introduced to meet regulatory requirements, but its price jumped from about €20 per cubic metre in 2020 to roughly €60 over three years.

    “The largest oil companies operating in Italy participated in an agreement restricting competition in the sale of motor fuel,” the AGCM said in its ruling. Regulators concluded that the coordination, which began in 2020, unfairly inflated consumer prices and distorted market competition.

    Read more: FTC Hits Oil Giants Over Gun-Jumping Violation in Pre-Merger Deal

    Eni reacted strongly, stating it was “surprised” by the findings and rejected the regulator’s conclusions. The company argued the decision relied on a “forced reconstruction” of market activity that misinterpreted legitimate business communications. Eni said it intends to defend its position vigorously in legal proceedings.

    Despite the penalty, Eni’s shares rose 0.4 per cent in Milan trading on Friday, and the company’s stock has climbed 13 per cent this year, giving it a market value of nearly €48 billion, according to the Financial Times.

    Source: The Financial Times