SOCAR announces price cap at IP stations

State-owned Azerbaijani group SOCAR is introducing a gradual price cap on the IP network after buying Italiana Petroli; from Monday a maximum price for petrol and diesel will also apply at ENI filling stations.

SOCAR is introducing a cap on petrol and diesel prices across the Italiana Petroli (IP) network. The Azerbaijani state energy company, which took control of the Italian group last May, has decided to tackle soaring fuel costs by setting a limit on the prices charged by filling stations.

The mechanism will be rolled out gradually, starting with the IP-branded network. SOCAR has not yet specified what the maximum price at the pump will be: in a statement released on Sunday it explains that the level of the cap will be set taking into account different needs and the economic sustainability of the supply chain.

The company also plans to explore ways to extend the mechanism to Esso-branded stations and to other operators that purchase fuel from IP and distribute it under their own brands.

Pressure on prices and company action

SOCAR’s measure comes against a backdrop of severe tensions over pump prices. The Ministry for Business and Made in Italy (MIMIT) publishes national averages every day, while the prices actually charged by individual filling stations are collected through the Fuel Prices Observatory.

The issue concerns diesel in particular, whose price has continued to be affected by tensions on energy markets and disruption along supply chains.

SOCAR is not the only major company to have announced action on prices: ENI has also introduced a price-cap mechanism on its own network, in a context in which the government has asked operators to help limit the impact of high fuel costs on households and businesses.

What makes SOCAR’s move different is that it comes just a few months after the acquisition of IP and therefore also marks one of the first signs of the Azerbaijani group’s new strategy in the Italian market.

Italian Foreign Minister Antonio Tajani has welcomed SOCAR’s decision to introduce a price ceiling, recalling that he had asked the company to intervene on prices at the beginning of September.

SOCAR, Azerbaijan’s state oil company

SOCAR is the State Oil Company of the Republic of Azerbaijan, the country’s state-owned oil firm. The group operates across several stages of the energy chain, from oil and gas production to refining, logistics and marketing.

Its presence in Italy was strengthened in 2026 with the acquisition of Italiana Petroli, the group that owns the IP network. The deal was finalised on 8 May, when SOCAR bought 99.82 per cent of IP’s share capital from API Holding.

IP has a widespread presence across Italian territory and operates an integrated system that includes refining, storage and distribution activities. SOCAR’s entry has therefore brought one of Italy’s main fuel retail networks under the Azerbaijani group’s control.

Fuel prices on 27 September

The announcement from the Azerbaijani company comes as fuel prices remain at high levels. According to the latest figures from the Fuel Prices Observatory of the Ministry for Business and Made in Italy (MIMIT), today, Sunday 27 September, the national average price in self-service mode on the road network is 2.159 euros per litre for petrol and 2.377 euros for diesel.

On the motorway network the average rises to 2.254 euros per litre for petrol and 2.459 euros for diesel. MIMIT calculates the national averages on the basis of prices reported by retailers and updates the data daily.

The figure for diesel is particularly striking: on the motorway network the average price is now approaching 2.50 euros per litre.

The price cap will start on the IP network

The new mechanism announced by SOCAR will initially be applied to IP-branded filling stations. The company says it wants to support operators and network managers, in other words those who run the sites, while taking into account the need to keep the entire supply chain in balance.

The Azerbaijani company explains that the maximum price will be set according to different needs, with the stated aim of ensuring the continuity of the supply chain and supporting households and businesses at a time of particularly high prices.

The company will then examine how to extend the system to Esso stations and to other operators thatnetwork than the sites directly linked to the IP brand

SOCAR and its relationship with Italy

The intervention on fuel prices also comes as SOCAR strengthens its ties with Italy beyond the energy sector.

The Azerbaijani company has in fact formalised a strategic partnership with the Italian Football Federation (FIGC).

The decision to introduce a cap on petrol and diesel prices across the Italiana Petroli network “confirms SOCAR’s closeness to Italy, at a time when the Azerbaijani company is formalising a strategic partnership with the Italian Football Federation (FIGC), becoming the global energy partner of the men’s and women’s national football teams from 1 January 2027 to 31 December 2030, with the possibility of an extension for a further two years”, the company said in a statement.

Source: www.euronews.com