Following the fall in crude oil prices, attributed to a ceasefire agreement between the United States and Iran, the President of the Federal Cartel Office, Andreas Mundt, anticipates that fuel prices at gas stations will drop quickly. Speaking to the “Handelsblatt” (Friday edition), Mundt stated, “Declining crude oil prices send a clear signal-and this should be reflected at the pump in a timely manner”.
He pointed out that this had been evident recently: “Price increases were passed on very quickly. It would only be logical if the same applies when things go in the opposite direction”. Mundt also mentioned that fuel prices in Germany, in particular, had risen sharply following the start of the Iran conflict. He added that in some other countries, contractual or regulatory rules tend to delay price adjustments.
Despite the significant rises in gasoline and diesel prices, the Federal Cartel Office President remains convinced that the new regulations for gas stations are not defective for now. “We will only be able to assess later whether the regulation has a price-dampening effect” Mundt told the “Handelsblatt”.
Crucially, the new regulation is expected to put an end to the constant volatility of prices, which can see up to 50 changes in a single day. “Consumers will benefit in the long run from being able to compare prices and make more informed refueling decisions”. He concluded by saying that everyone would appreciate this feature during calmer periods.
