Germany moves to halt price gouging of fuel amid Iran war

 The German government said on Sunday it would introduce a regulation banning fuel filling stations from increasing prices more than once a day and also firm up competition law in the fuel sector.

The regulation would allow one price increase per day at noon, a spokesman said in Berlin.

Scrutiny of possible anti-competitive practices will be increased for fuel companies, with rules governing the cartel office simplified where there are indications of inappropriately increased prices, the spokesman said.

Economy Minister Katherina Reiche earlier announced that the government was looking into improving supervision of the fuel sector. The aim is to increase price checks after fuel companies were accused of artificially inflating their petrol and diesel prices.

She also announced plans for a once-per-day rule following a similar move in Austria. Fuel stations will be allowed to cut their prices more frequently, however.

The aim is for the new rules to go into effect before the first week of April. Observers are divided on whether they will serve to reduce prices.