Germany cracks down on wartime price gouging by energy companies

"The Federal Cartel Office watchdog will be given more powers "to quickly investigate and stop price markups in the wholesale sector," she said. The burden of proof will be shifted to energy companies, meaning they will have to prove they have acted lawfully by explaining how they came up with prices. Currently, the cartel office has to provide evidence when they believe something is wrong with prices."

"In Germany, "it is certainly notable that prices at gas stations have risen more sharply than the European average," Economy Minister Katherina Reiche told a press conference. "The oil industry has not provided a particularly convincing explanation for this, and that is why we will take action.""

"Global oil prices have surged as the Middle East war, which started with attacks by the United States and Israel against Iran, has led to the near total closure of the Strait of Hormuz to oil and gas tankers."

Germany's Economy Minister announced that the Federal Cartel Office will receive enhanced powers to investigate and halt price markups in the energy sector, particularly regarding petrol prices that have risen more sharply than the European average. The oil industry has not provided satisfactory explanations for these increases. A key change shifts the burden of proof to energy companies, requiring them to demonstrate lawful pricing practices rather than forcing regulators to prove wrongdoing. Additionally, petrol stations will be restricted to raising prices only once daily. Germany is also tapping strategic oil reserves as part of an international 400-million-barrel release and considering establishing a strategic gas reserve for emergencies, potentially operational by next winter.

Read at The Local Germany