Germany acts to keep closer eye on petrol prices

BERLIN - Agence France-Presse

AFP photo

The German government on Wednesday agreed a move aimed at ensuring steadier petrol prices at the pump through tighter supervision after recent price spikes.

Filling station operators in Germany will have to provide detailed information to a new registration authority when they raise or lower their petrol pump prices as well as on the fuel they buy.
 
The move is opposed by the fuel industry, but the government hopes to improve transparency and competition.
 
A poll by market research company GfK last week said that consumer confidence in Germany was being increasingly eroded by high energy prices, in particular for petrol.
 
Last month the competition watchdog said it had launched a probe against five major oil companies -- Deutsche BP/Aral, ExxonMobil Europe/Esso, ConocoPhilips Germany/Jet, Shell Deutschland, Total Deutschland -- into allegations they sought to drive independent filling stations out of business.