Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Italy's antitrust drops fuel prices probe on Eni, Exxon and others

Published 31/07/2023, 18:02
© Reuters. FILE PHOTO: Eni's logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016.  REUTERS/Stefano Rellandini/File Photo
XOM
-

ROME (Reuters) - Italy's antitrust authority AGCM said on Monday it had closed a probe into several energy groups, including Eni and Exxon Mobil (NYSE:XOM)'s ESSO Italiana unit, without imposing any sanctions.

The companies, which were under investigation over alleged fuel price violations, have accepted to take a series of actions to address competition concerns, the watchdog said in its weekly bulletin.

The probe was opened in January and also concerned Italiana Petroli, Kuwait Petroleum Italia and Tamoil. Together with Eni and Esso, they were accused of failing to adopt appropriate measures "to prevent and counteract this unlawful conduct to the detriment of consumers".

© Reuters. FILE PHOTO: Eni's logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016.  REUTERS/Stefano Rellandini/File Photo

The Italian antitrust opened a separate investigation earlier this month targeting energy groups, citing an alleged cartel over the sale of transport fuel.

The companies, including Eni, Saras, Esso, Ip and Kuwait's Q8, allegedly coordinated price increases for the bio-component of the fuels they sell, the authority said on July 19.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.