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So it's about the same as oil.
(BTW These prices are all taken from the Asda website, which is a fairly cheap grocer, and based on buying a 2l bottle.) Member of the Anti-Fabulousness League since 1987.
Italians seem to mostly drink the local water, making it a little less bad for the environment than shipping it all over the world (there are still the plastic bottles, of course). There are exceptions. I once got Pejo at a restaurant in Cattolica at full restaurant prices. They probably figured out that they could get a bigger markup with hardly any of their customers noticing. Since then, I always get suspicious when I see non-local, non-San Pellegrino, water at a restaurant.