On Wednesday, after a cabinet meeting, German Economy Minister Katherina Reiche announced that fuel stations in Germany will be allowed to raise prices only once a day. She said the policy follows the “Austrian model” and that price cuts may be made at any time. The minister added that the change will be introduced “as soon as possible” which will require amending antitrust law. A current legislative framework is being searched for to attach this measure to, and Reiche could not give a specific timeline at that point.
The same minister also confirmed that Germany intends to release a portion of its national oil reserve. The International Energy Agency has asked member states to make 400 million barrels of reserves available; Reiche said Germany will comply. The Ministry will shortly engage in talks with the Petroleum Reserves Association to sort out the details of this release.
