Italian energy company Eni will cap the prices of diesel and petrol sold through its Enilive network at €2.19 per litre and €1.99 per litre, respectively, starting Sept. 28, the company said on Friday.
The price cap, which is linked to an excise tax relief measure currently in force, will initially apply for 30 days and could be extended through the end of the year, depending on market and supply conditions, Eni said.
The capped prices are about 17 cents per litre below current average market levels, according to the company.
Eni said tighter supplies of refined products on international markets, driven by geopolitical crises and a reduction in refining capacity in Europe, had pushed fuel prices to levels that were putting pressure on households and businesses in Italy.
The company said nearly 30 refineries had closed across Europe over the past 15 years, contributing to tighter refining capacity.
Eni said the initiative builds on measures introduced in March, under which it had absorbed part of the increase in international fuel prices rather than passing the full increase on to recommended prices at its service stations.
The company also said it would continue operating its biorefineries in Venice and Gela and invest in the redevelopment of its Livorno site and other industrial facilities in Italy.
These projects are aimed at maintaining industrial capacity, including for sustainable fuels, while supporting employment and investment in the country, Eni said.
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