During the call with shareholders, Eni’s Chief Transition & Financial Officer Francesco Gattei announced that the company will maintain the cap on fuel prices until the end of the year, thus extending it by two months. Petrol will cost 1.99 euros per litre, diesel 2.25 euros per litre.
Eni can afford such an initiative also in light of the excellent results of the third quarter, in which the company recorded a 125% growth in profits. Since the beginning of the year, Eni’s earnings have increased by 70%, mainly due to the war in Iran and the resulting increase in oil prices.
Eni’s fuel price cap extended
Eni had announced the cap on the price of fuel after the Government had decided not to renew the discounts on excise duties starting from the beginning of October. Eni is a so-called investee company, controlled by the Ministry of Economy. The renewal of the cap will block the maximum fuel prices:
- at 1,990 euros per liter for petrol against an average price of 2,025 euros per litre;
- at 2.25 euros per liter for diesel against an average price of 2.261 euros per litre.
The discounts therefore amount to an average of 2.5 cents on petrol and 1.1 cents on diesel. The new expiry date of Eni’s fuel price cap is December 31, 2026. It is not clear whether the other companies that had followed Eni in this initiative will also extend their discounts.
Gattei’s statements
The extension of the discount was announced by Eni’s CFO, Francesco Gattei, during the call with shareholders which illustrated the company’s quarterly results. Gattei said:
For us, doing business means managing a strategy aimed at pursuing sustainable, long-term value. We believe that companies have a social responsibility, we cannot live in some kind of bubble outside the real world. So we want and must be realistic and think that supporting customers is a priority for a company that deals with a fundamental need such as energy. This is why we have decided to introduce a cap on our petrol and diesel sales.
The impact of the diesel and petrol cap on Eni’s balance sheets
In the call it was not illustrated exactly how much this initiative will impact Eni’s budgets for the next few months, but Gattei still proposed an estimate:
In terms of estimates, we believe that, under current market conditions and assuming the level observed so far, the impact in a quarter will be in the order of a few hundred million.
Eni, however, should not be affected too much by this expense.
Eni can afford the cap on diesel and petrol
On Friday 23 October Eni presented the operating results for the third quarter of 2026:
- adjusted net profit was 2.8 billion euros, 125% more than in the third quarter of 2025;
- in the first 9 months of the year, adjusted net profit was 6.44 billion euros, 70% more than in the same period last year.
The company explained these results with “favorable market conditions” namely the increase in oil prices due to the war in Iran. The management also announced an extraordinary dividend for shareholders and the stock rose by more than 5% on the stock market.
