German authorities are tightening controls on fuel prices — The Guardian
The German government has drafted an emergency bill to stabilize the domestic fuel market, which has been hit by an energy crisis caused by the war in Iran.
This is reported by The Guardian.
The Bundestag plans to consider this bill as early as today, March 19, to halt the uncontrolled rise in gasoline and diesel prices.
The new initiative calls for a radical change in pricing rules at the country’s gas stations.
According to the bill, gas station operators will be allowed to raise fuel prices only once a day—at exactly noon.
At the same time, the bill allows businesses to lower prices at any time during the day without restrictions.
Severe financial penalties of up to 100,000 euros are imposed for violations of the established regulations or price manipulation.
“Gas stations will be allowed to raise prices only once a day—at noon. At the same time, they may lower prices at any time.
Violations of the rules will result in fines of up to 100,000 euros,” the bill states.
The reason for these measures was an unprecedented surge in prices: the price of a liter of gasoline in Germany rose by 27 cents, and diesel fuel by a record 42 cents.
This has made German drivers among the hardest hit in the European Union by the consequences of the Middle East conflict.
German authorities attribute the abnormal price hike not only to global market conditions but also to a possible collusion among major market players.
The new law expands the powers of antitrust authorities, allowing them to more effectively combat price gouging by operators.
As a reminder, fuel prices continue to rise in Ukraine, mainly due to the consequences of the military operation against Iran.
Sri Lanka has also introduced fuel ration cards due to the crisis in the Middle East.
