SOCAR says to cap fuel prices on Italy's IP network

By Reuters News

ROME, Sept 27 (Reuters) - State Oil Company of Azerbaijan said on Sunday it would introduce caps on fuel prices across the Italian network of its subsidiary Italiana Petroli (IP), after Italy's Eni ENI.MI announced a similar move on Friday.

  • SOCAR said the measure would be rolled out starting on Monday and would be "applied progressively", starting with IP-branded stations.

  • It said price levels would be set according to local market conditions to ensure the sustainability of the fuel distribution chain but did not disclose the level or duration of the price caps.

  • SOCAR said it was also studying ways to extend the mechanism to Esso-branded stations supplied by IP and to other operators purchasing fuel from the company.

  • The group said the decision responded to the Italian government's appeal for energy companies to support families and businesses facing rising fuel prices.

  • Italian state-controlled energy group Eni said on Friday 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.

  • IP'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).($1 = 0.8779 euros)

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