Germany limits fuel price hikes to once a day after fluctuations in energy markets
A new law has come into force in Germany that restricts raising fuel prices to only once a day, to be done during the afternoon, while allowing prices to be reduced at any time according to fluctuations Global Market.
The German Parliament approved the new law on March 26, which comes within the framework of a government package to confront sharp jumps in prices associated with market turmoil. Energyin light of the military escalation in the Middle East.
The package includes a law to regulate the amendment of Fuel prices, in addition to two amendments to the competition law to tighten control over any arbitrary price increases within the fuel sector.
The German government said: "Developments in the Middle East pushed oil prices on the global market to rise by about 30%, which was reflected in fuel prices within Germany."
Before the law came into effect, gas stations in Germany adjusted their prices several times a day. Official data showed that about 50 price changes were recorded within one day at some stations, causing confusion among consumers.
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