Eni, Exxon Among Companies Fined in Italy for Price Fixing (1)

Eni SpA and a unit of Exxon Mobil Corp. are among refiners and fuel distributors in Italy that were fined about $1 billion for allegedly fixing prices, which several companies denied.

Italy’s competition watchdog said Eni, Exxon’s Esso unit, IP Group, Kuwait’s Q8, Saras SpA and Tamoil Italia SpA allegedly colluded to set the value of a biofuel component that’s factored into prices.

Eni, IP, Saras all said the penalty was unfounded and will be challenged in court. Q8 denied any wrongdoing and said it will look into potentially appealing the decision. The other companies didn’t immediately respond to requests ...