Germany is introducing new rules to prevent energy companies from hiking petrol prices unfairly after the war in the Middle East disrupted global oil supplies. The conflict, involving the United States, Israel, and Iran, has mostly blocked the Strait of Hormuz, a key route for oil shipments, pushing prices up worldwide.
Economy Minister Katherina Reiche said fuel prices in Germany have risen faster than in other European countries, and explanations from oil companies haven’t been convincing. To fix this, the government will give its competition watchdog more powers to investigate and stop unreasonable price increases.
Under the new rules, energy companies must explain how they set their prices, instead of the regulator proving wrongdoing. Petrol stations will also only be allowed to raise prices once per day to prevent sudden spikes. The law is expected to pass by late March or early April.
Germany is also using its emergency oil reserves as part of a global release of 400 million barrels organized by the International Energy Agency to ease the supply crunch. Officials are considering setting up a gas reserve as well, aiming to have it ready before next winter.









