“Fuel Price Agreements”: Financing from oil companies

The competition and market authority has launched an investigation into the allegations that some oil companies made an agreement to form a cartel by coordinating to increase the price of fuel. According to Antitrust, it all started from an internal report, thanks to a “deep throat” that exposed the system through the whistleblowing platform, brought online by the authority.

Antitrust launches investigation into biofuels

According to the information obtained, the investigation is being conducted on the allegation that Eni, Esso, Ip, Iplom, Q8, Tamoil and Saras have entered into “anti-competitive agreements in the sale of automotive fuel”. According to the agency, the main oil operators coordinated among themselves in determining the value of the organic component necessary to comply with the obligations of applicable legislation. In fact, the law establishes that at least 10% of automotive fuel must be made up of biofuel. The value of this important price component has increased from 20 euros per cubic meter in 2019 to around 60 euros/mc today and has an impact of around 2 billion euros on pump prices.

Antitrust objects to companies with simultaneous price increases – largely coincidental – that could be determined by the direct or indirect exchange of information between the companies involved, including articles published in the well-known industry newspaper “Staffetta Quotidiana”. Today, Authority officials, with the help of the Guardia Special Antitrust Unit, conducted inspections of the main offices of the respective companies and other organizations deemed to have useful elements for the investigation, including the editorial staff of “Staffetta Quotidiana”. di Finance.

Source: Today IT