Germany has stopped fuel stations from raising pump prices more than once a day, as the Iran war and disruption to oil supply raise costs. The country’s Federal Government introduced regulations on Wednesday that permit just one price increase a day at 12 p.m.
Prices in Germany had been changing up to 22 times a day, amid the sharp rise in energy costs as the U.S.-Iran war continues.
Outlining the regulation, the German government said it was intended to break the “rocket and feather effect” where “fuel prices often rose very quickly in the past when crude oil prices rose, but only fell slowly when the oil prices dropped.”
Price reductions may be made at any time. Oil companies and major retailers could face fines up to 100,000 euros ($116,000) for violating the ban.
Germany is also introducing legal amendments to make it easier to crack down on powerful companies engaging in “abusive fuel price increases.”
Full story Germany limits gas price rises to once a day amid U.S.-Iran war
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