The state energy company of Azerbaijan, Socar, has recently announced that it will set a price cap for gasoline and diesel in the 'Italian Petroleum' (IP) station network. This decision comes in response to a sharp increase in fuel prices in the Italian market and will gradually be implemented in the IP-branded network.
Details of Socar's Decision
Socar, which took control of the Italian group IP last May, has not yet specified the exact price cap figures. The company stated in a notice that the price cap will be determined considering various needs and the economic sustainability of the entire fuel supply chain. Socar has also anticipated examining the necessary methods to expand this mechanism to stations branded 'Esso' and other operators that purchase fuel from IP.
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Fuel Price Situation in the Market
This decision comes at a time when the Ministry of Enterprises and Construction of Italy (MIMIT) publishes the national average prices daily. According to the latest data, the average price of gasoline on September 27 was €2.159 per liter and the average price of diesel was €2.377. On the highway network, the average price of gasoline has reached €2.254 and the average price of diesel has reached €2.459 per liter. In particular, the price of diesel on the highway network has approached €2.50.
Support for Households and Businesses
Socar is implementing this policy to support households and businesses in difficult economic conditions. The company has also stated that the aim of setting price caps is to ensure the continuity of the fuel supply chain and prevent further price increases in the market. However, this action comes just a few months after the acquisition of IP and is seen as one of the first signs of Socar's new strategy in the Italian market.
Antonio Tajani, Italy's Foreign Minister, has supported Socar's action and reminded that he had asked the company to intervene in fuel prices at the beginning of September. Socar's presence in the Italian market has been strengthened since 2026 with the acquisition of the 'Italian Petroleum' group, and the company has become one of the main players in the Italian fuel market by purchasing 99.82% of IP shares from 'API Holding'.
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