(Finance) – “The price tensions recorded from 2022 onwards are mainly attributable to exceptional events of an international nature, with respect to which the possibility of effective antitrust interventions is juridically difficult to configure, let alone at a national level”. This is what theCompetition and Market Guarantor Authority (Agcm)in the conclusions on thefact-finding survey on the prices of motor fuels in Italy and the oil industry. “The trend in consumer prices in Italy – continues the authority – was also significantly affected by exceptional regulatory interventions, in particular the application of a temporary tax discount on fuel through the limitation of excise duties applied (starting from March 2022 ), and its subsequent elimination (from January 2023) As for the overall trend of gross margins, a significant increase in their variability emerged at the aggregate level”.
“There national distribution networkdespite a certain redevelopment – adds theAntitrust –, continues to be characterized by a lower average disbursement than the other main EU states and there are operational opacities within it that would have facilitated the spread of tax evasion and corruption phenomena, detected by the competent institutions. Specifically for the motorway network, where fuel prices are systematically higher than on the ordinary road network – the Agcm also points out -, critical issues have emerged in relation to the current concession model, in particular the royalties applied and the service charges required sub-concessionaires: these are conditions which, especially in view of the trend of decreasing consumption, are likely to affect the efficiency of the services and the prices charged to consumers, as well as the same economic sustainability for the operators”.
It is in this scenario for the Antitrust need to consider the usefulness of price transparency measures as advertising average values could affect competition. “Measures relating to price transparency, although they have been pursued for some time in the more general context of liberalization of consumer distribution activities, must be carefully considered as regards their actual usefulness and cost/benefit ratio – underlines the Antitrust -. In particular with respect the use of existing price comparison tools, the survey revealed how some of these tools, in particular the ‘Osservaprezzi’ website, could be improved to allow for greater use.Recent regulatory provisions (in particular Legislative Decree 5/ 2023 and consequent acts) are to be appreciated to the extent that they allow certain improvements, in particular the possibility for the user to set up a search on the basis of his own choice criteria, while other measures envisaged therein, specifically the advertising of average prices compared to large geographical areas, are not of particular use to consumers as well as lend themselves to potential use by businesses as a ‘focal price’, possibly damaging competition”.
“The conclusions of the fact-finding survey by the Competition and Market Authority on the prices of automotive fuels in Italy and on the oil supply chain, which has just been published, confirm that, as we highlighted at the time, the tensions recorded on prices during of 2022 and at the beginning of 2023 were in no way attributable to incorrect behavior on the part of companies in the sector, but due to fluctuations in the global oil price market and, in particular, to the elimination of the excise duty discount which took place at the beginning of 2023”. This the Unem comment on the conclusions of the Antitrust survey on fuel prices.
“The Authority notes, among other things – adds Unem -, how the various price spikes have been better absorbed than what was observed in the rest of Europe, since industrial prices, i.e. net of taxes, both for petrol and diesel, were 3-4 cents lower than the European average. Furthermore, the reference to the criticality of the fuel distribution network which requires a process of requalification and reconversion and continuous monitoring to combat illegality appears acceptable. As for the motorway network, where prices are systematically higher than those charged on the ordinary network – he continues Unem –, the conclusions of the survey show that the causes are to be found in the current concession system, judged critical, given the imbalance between royalties and service charges required of sub-concessionaires. In relation to the new cartels with average prices, regional for the ordinary network and national for the motorway network, which will enter into force on 1 August, the Authority confirmed its perplexities, already anticipated during its hearing in the Chamber last January , which we fully shared and also reaffirmed on the occasion of our recent annual meeting, highlighting how such cartels are not of particular use to consumers, on the contrary they could cause harm to competition – concludes Unem -. We hope that all of this will help to definitively put aside the controversy over prices in order to concentrate, also taking into account the indications of the survey, on the real problems of the sector we are dealing with within the discussion table started by the Minister Urso and coordinated by Undersecretary Bitonci”.
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