The dispute of the 5 euro cents: OMV, obliged to comply with the rules regarding the reduction of fuel prices, in Austria
Austrian oil company OMV has complied with new rules on fuel price reductions after initially not fully implementing them, Austria's national energy regulator E-Control said on Thursday, according to Reuters.
The Economy Ministry, which oversees energy policy, asked E-Control to carry out a review after OMV, part-owned by the Austrian state, said last week it was complying with the rules despite cutting wholesale diesel prices by less than 5 euro cents (6 US cents) per litre, less than it should have.
The rules are part of the coalition government's response to rising oil prices caused by the Iran war. They require any increase in value added tax revenue resulting from higher fuel prices to be returned to consumers through reduced fuel duty and limit retailers' margins, including OMV's.
“It is now clear: the 5 euro cents from the margin reduction must be transferred in full – E-Control has made this clear unequivocally,” said Economy Minister Wolfgang Hattmannsdorfer, according to a statement issued by the regulator.
“After intensive discussions with OMV, those 5 cents have been continuously and fully transferred over the last few days. I am satisfied with this clarification and our joint approach,” the government official added.
OMV said it had reached a “common understanding” with E-Control on the implementation of the rules and was now complying with them.
“This recent clarification allows for consistent enforcement of applicable requirements for all market participants,” OMV said in a statement.
