ENI

Tamoil introduces a price cap for fuel, following announcements by Eni, IP and Q8 after an appeal from the government. The discounts are initially valid until the end of October and are intended to ensure citizens' mobility, while companies cite geopolitical crises as drivers of price rises. The state excise duty discount for diesel has been reduced and is to be replaced by a flexible mechanism. Transport companies and taxi drivers are threatening strikes despite the measures because of high fuel costs. » More on finanzen.net

Eni lowers the retail price for super petrol to €1.99 and diesel to €2.19, introducing a voluntary price cap initially until the end of October. Italia Petroli and Q8 said they would gradually join; together the three groups control around half of Italy’s petrol station market. The forgone revenue could amount to several hundred million euros depending on price developments — for Eni it could be about €100 million per month — and the stock rose roughly 3% after the announcement. With the voluntary measure the companies aim to avoid costlier state interventions such as a statutory price cap or a windfall profits tax. » More on n-tv.de

Eni will cap prices at its service stations from Sept. 28 initially for 30 days at a maximum of €2.19 per liter for diesel and €1.99 for gasoline; an extension through year-end is under review. The measure is presented as a solidarity contribution amid high energy prices and is tied to government tax reliefs that are currently reduced. IP/Socar also announced price caps, while transport companies, farmers and taxi unions are planning protests and possible strikes over persistently high fuel costs. » More on heise.de