SOCAR is following Eni's lead and is ready to cap gasoline and diesel prices in the IP distribution network. This is according to a statement from the Azerbaijani group, which acquired Italiana Petroli from Api Holding in May and has decided to "control the prices of fuel sold on the Italian market by its subsidiary Italiana Petroli."
While Eni's price cap will become effective tomorrow, Monday, September 28th, at 8:00 a.m., prices at IP pumps "will be set based on different needs to ensure the survival of the supply chain, which comprises thousands of operators." In this way, the Azerbaijani state-owned company "is responding to the Italian government's call to meet the needs of families and businesses, who for over six months have been faced with extraordinarily high fuel prices due to the context of severe geopolitical instability impacting global supply chains."
