Italy Pushes Refineries to Raise Fuel Output Amid Price Surge
- On Friday, Industry Minister Adolfo Urso and Environment and Energy Security Minister Gilberto Pichetto Fratin announced plans to meet Italian refining executives on October 8 to discuss boosting domestic fuel production.
- Prime Minister Giorgia Meloni has spent about $3.4 billion this year funding temporary cuts to fuel excise duties, yet petrol and diesel prices remain above the key 2 euro ceiling, with gasoline hitting nearly $10 per gallon.
- Global supply disruptions persist as Russia bans diesel exports through October and Ukrainian drone strikes constrain Russian refining capacity, while Middle East refinery capacity faces limitations due to Iranian strikes and restricted fuel flows through Hormuz.
- Battery electric vehicle sales surged 52.2% in August across Europe, Switzerland, and Norway, according to European Automobile Manufacturers Association data, as record-high fuel prices prompted drivers to shift to battery and hybrid vehicles.
- The October 8 meeting will include executives from Eni, Saras, and Sonatrach to discuss potential measures to boost domestic fuel production and mitigate effects of the current international supply situation.
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The measure comes at a time when the State relief on the diesel price in Italy will be reduced.
The Italian government welcomed the group's initiative in a statement, calling it “a commendable gesture in favor of Italy, which is in the desired direction of calming the surge in fuel prices.”
The Italian oil company Eni announced on Friday that, from "solidarity", it will set a price cap on petrol and diesel that it sells to petrol stations in Italy, a price cap that will be below the average prices that are currently practiced on the market, in response to rising fuel prices, transmits EFE, quoted by Agerpres.
The price cap of Eni will be applied from September 28, for an initial duration of 30 days, with possibility of extension until the end of the year. Thanks to the Eni of Palazzo Chigi
From 28 September and for now for thirty days, since in the meantime the discount on government excises will be reduced
A price cap for fuels, to meet those who have seen petrol and diesel prices piercing so far. Eni has announced, that he has set a maximum limit at the prices of...
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