MINISTER: BERLIN DISCUSSING MEASURES TO PREVENT PETROL PRICE GOUGING

BRUSSELS, March 10 (Bernama-dpa) -- The German government is discussing "specific measures" to protect the population from soaring petrol prices due to the conflict in West Asia, Finance Minister Lars Klingbeil said on Monday, reported German Press Agency (dpa).

Klingbeil, who also serves as vice chancellor, said after a meeting of European Union (EU) finance ministers in Brussels that the geopolitical situation is "being exploited to drive up profits."

"We are seeing price gouging," added the minister, adding that it was indecent to maximise profits at the expense of commuters, small businesses and employees.

Politicians must act swiftly, he argued. "We are now discussing specific measures within the federal government," Klingbeil said, highlighting antitrust laws as one possible avenue.

Other potential measures include increasing transparency requirements for oil companies to make it easier to prove price gouging.

He also advocated stipulating that fuel prices should only be allowed to be increased once a day.

This could be implemented very quickly without a lengthy legislative process, he explained.

In Austria, petrol stations are permitted to raise prices once a day at midday.

Price reductions may be implemented at any time.

Oil prices have continued to soar due to the conflict in West Asia, which began on February 28, hitting almost US$120 per barrel overnight, fuelling concerns about setbacks in economic growth. 

A report that the G7 group of leading Western industrialised nations is considering using its national oil reserves to curb the rise in prices on the oil market has eased tensions in the market.

French Finance Minister Roland Lescure said on Monday that no decision had yet been taken following a meeting of G7 finance ministers in Brussels.

-- BERNAMA-dpa