Italian Deputy Prime Minister Matteo Salvini has called an urgent meeting with oil companies in Milan. The reason is a sharp increase in gasoline and diesel prices, which the minister described as speculation at the expense of citizens.

Urgent meeting in Milan

Matteo Salvini will meet with representatives of oil companies on Wednesday to discuss the sharp increase in fuel prices.

Record fuel prices

The self-service price of gasoline reached 1.816 euros, and diesel exceeded 2.03 euros per liter.

Istat warnings

The Italian statistical office warns of economic slowdown and potential losses of 14 billion euros due to energy prices.

Donald Trump's impact on markets

Remarks by the former US president contributed to the price of Brent crude falling below 100 dollars per barrel.

Italian Deputy Prime Minister and Minister of Infrastructure Matteo Salvini has called an urgent meeting with representatives of oil companies in Milan this coming Wednesday due to the sharp increase in fuel prices. The decision came after self-service prices reached 1.816 euros per liter for gasoline and 2.03 euros per liter for diesel. Matteo Salvini accused the sector of implementing unjustified price hikes at the expense of citizens and transport companies. The minister is demanding explanations from the oil majors and an end to practices that hurt Italians' wallets.

Situation at gas stations raises serious concerns about the country's financial stability, and the Italian National Institute of Statistics Istat warned of a clear downward trend in the global economy. According to estimates, high energy prices could cause losses to the Italian economy reaching up to 14 billion euros. The Italian economy has remained particularly vulnerable to raw material price fluctuations since the 2022 energy crisis, due to its high dependence on energy imports. Previous interventions by the government in Rome included mechanisms such as the so-called sliding excise duty, aimed at stabilizing retail prices. Current Istat forecasts indicate a risk of stagflation if energy costs do not see a permanent reduction in the coming quarters.

Sentiment in financial markets remains heavily influenced by geopolitical tensions, which the Tokyo stock exchange felt this morning, opening with a 1.40% drop due to military actions in Iran. The situation in Europe, however, calmed down after remarks by Donald Trump, whose words led to the price of Brent crude falling below 100 dollars per barrel. Thanks to improved performance of futures contracts on Wall Street, the Milan stock exchange managed to erase morning losses during the day and stabilize the prices of key companies.

Deputy Prime Minister Salvini announced that he will not allow further draining of residents' savings by market entities. „Siamo di fronte a una speculazione in corso a danno di cittadini e autotrasportatori” (We are facing ongoing speculation at the expense of citizens and hauliers) — Matteo Salvini via ANSA

14 (billion euros) — potential losses for the Italian economy due to energy prices

Upcoming economic events: March 18 — Salvini's meeting with oil companies in Milan

Mentioned People

  • Matteo Salvini — Deputy Prime Minister of the Italian Republic and Minister of Infrastructure and Transport in Meloni's government since 2022
  • Donald Trump — former US president, whose remarks influenced the stabilization of oil prices on global markets