Tamoil appeals against the Italian Competition Watchdog's fine

Tamoil Italia said it rejects the decision of Italy's antitrust watchdog to fine it for alleged anticompetitive behavior in the motor fuel markets. It added that it will challenge the decision in court.

Why it's important

The Italian antitrust regulator announced on Friday that it had fined Tamoil Italia as well as five other oil companies in the country, for their practices which restricted fair competition in motor fuel sales.

By the Numbers

The watchdog found that Tamoil, along with the other companies, had operated as a cartel from January 2020 to June 2023 in order to set the price for the biofuel component which contributes to the cost of fuel.

Tamoil Italia has been ordered to pay an amount of 91 million euro ($107 million), part of a total fine of over 936 million euro.

KEY QUOTE

Tamoil Italia issued a statement saying that they could not agree with the decision because it was based on an incomplete and partial reconstruction of the events and did not reflect reality. ($1 = 0.8527 euro) (Written by Francesca Landini, edited by Keith Weir).

(source: Reuters)