Italy's antitrust authority has opened a probe into possible price fixing by nine leading oil companies.
A statement from the authority listed the companies as: ENI, Esso, Q8, Shell, Tamoil, Total, ERG, IP and API.
The companies are suspected of conferring before setting suggested retail prices for their respective pump operators, in violation of competition laws.
"Pump prices appear to have been piloted to correspond to the structural evolution of the sector resulting in prices and profits in Italy becoming the highest in Europe", the antitrust authority said.
The authority explained that oil companies, for example, have been increasing their profit margins on diesel fuel as the demand for this fuel rises and lowering the margins for gasoline regardless of cost trends.
The probe into pump prices is expected to be concluded by the end of March 2008.
