Italy's antitrust regulator announced on Friday that it has imposed fines on energy group Eni SpA (E.US) and five other oil companies operating in the country for engaging in anti-competitive practices in automotive fuel sales. The regulator said the total fines imposed on the six companies - Eni SpA, Esso, Italiana Petroli, Q8, Saras, and Tamoil - exceeded 936 million euros (approximately $1.1 billion).

Eni SpA received the largest penalty at 336 million euros, followed by Q8 at 173 million euros, Italiana Petroli at 164 million euros, Esso at 129 million euros, Tamoil at 91 million euros, and Saras at 44 million euros.

In a statement, the regulator indicated that these companies formed a monopolistic alliance between January 2020 and June 2023, manipulating the pricing mechanism for biofuel components that directly affect the final cost of automotive fuel. The statement also noted that the price of this component had risen from approximately 20 euros per cubic meter in 2019 to about 60 euros per cubic meter in 2023.

Eni SpA strongly denied the allegations and stated it would contest them through legal channels. The group said in a statement that the regulator's "prosecution is based on a far-fetched reconstruction of facts that ignores market logic, distorts objective facts, and takes legitimate communications between operators related to mutual supply relationships out of context."

Italiana Petroli and Q8 also denied the charges. A spokesperson for Italiana Petroli stated: "The company believes these allegations are unfounded and is confident that its defense arguments will be supported on appeal." Q8 said it would consider filing an appeal with Italy's Regional Administrative Court.

The Italian antitrust regulator added that the investigation originated from a whistleblower's tip and described it as a "complex investigative effort." The remaining involved companies have not yet responded immediately to requests for comment.