Italy's fuel crisis: SOCAR announces price cap at IP stations
State-owned Azerbaijani group SOCAR is introducing a gradual price cap on the IP network after buying Italiana Petroli; from Monday a maximum price for petrol and diesel will also apply at ENI filling stations.
The Azerbaijani state-owned oil company, SOCAR, is implementing a cap on petrol and diesel prices at Italiana Petroli (IP) stations in Italy. The cap will be introduced gradually, beginning with the IP-branded network, and will aim to address the issue of soaring fuel costs. SOCAR has not disclosed the exact price limit, but it will be determined based on various factors, including the economic sustainability of the supply chain.
The company plans to explore extending the mechanism to Esso-branded stations and other operators that purchase fuel from IP. SOCAR's move to set a price cap comes amid growing tensions over fuel prices, particularly for diesel, which has been impacted by market tensions and supply chain disruptions. The government has also asked operators to help mitigate the effects of high fuel costs on households and businesses.
SOCAR's action is notable as it marks one of the first indications of the company's new strategy in the Italian market, following its acquisition of Italiana Petroli last year.
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