The correct answer is the colors of the flag of Lupa on July 2 and August 16 each year are black, orange, white, and black. This is so because a horse race that is organized in Palio di Siena in those dates.
Palio di Siena is a medieval horse race sponsored by the city of Siena, in the Italian Tuscany. The event has two dates. The first one, on July 2 is called “Palio di Provenzano”. The second one is called “Palio dell Assunta” on August 16. Both festivities are dedicated to the Virgin Mary, known in that Italian region as Madonna of Provenzano. During those events, the colors of the flag of Lupa on July 2 and August 16 each year are black, orange, white, and black.