"Eni has set a maximum price for fuels sold by Enilive at €2.19 per litre for diesel and 1.99 per litre for petrol," the Italian oil and gas giant stated.
The price cap represents a reduction of some 17 centimes compared to current average price levels.
It will come into force "from 28 September, for an initial period of 30 days, with the possibility of an extension until year end," the group added.
The announcement comes with the Italian government due from Saturday to halve diesel duties to stem rises in fuel prices caused by the current international situation seven months into the US and Israeli war on Iran.
The state duty will fall from 12.2 cents per litre to 6.1 cents per litre.
Eni noted the current market situation, combined with shrinking refining capacity in Europe with nearly 30 refineries having closed over the last 15 years, had seen fuel prices soar, hitting both households and business.
The group, whose move the government praised, said it was seeking to "make a further gesture of solidarity" towards Italian consumers in passing on only part of the rise in international oil prices.
Under the Eni/Agip brand, Eni is Italy's fuel retail market leader with some 4,000 petrol stations nationwide.
France's TotalEnergies announced a cap in the spring as political pressure to introduce windfall profits began to build.
However, independent petrol stations complained in July to France's competition regulator, saying the move distorted competition, coming from a provider with a dominant market position.
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