SOCAR to Cap Fuel Prices Across Italiana Petroli Network in Italy
SOCAR will introduce fuel price caps across Italiana Petroli's Italian network from Monday, after Eni announced similar limits.
Azerbaijan's state oil company SOCAR will introduce caps on fuel prices across the Italian network of its subsidiary Italiana Petroli, the group said, days after Italy's Eni announced a similar measure.
The company said the caps would take effect from Monday and be "applied progressively", beginning with Italiana Petroli-branded stations. It did not disclose the level or duration of the price limits, saying only that they would be set according to local market conditions.
SOCAR described the move as a response to the Italian government's appeal for energy companies to support families and businesses facing rising fuel prices.
Italian Prime Minister Giorgia Meloni thanked Azerbaijan and SOCAR for the decision, saying it would make a concrete contribution to curbing high fuel costs.
On Friday, Italian state-controlled energy group Eni said its Enilive unit would sell diesel at no more than €2.19 per litre and petrol at no more than €1.99 per litre for an initial 30 days from Monday.
Italiana Petroli's founders, the Brachetti-Peretti family, agreed to sell the oil refiner last September in a deal said to be worth around €3 billion ($3.42 billion).