Germany's lower house of parliament on Thursday approved the first measures aimed at curbing the rapid rise in fuel prices in Europe's largest economy after the Middle East war sent costs at the pump soaring, Reuters reported.
According to the legislation, gas stations will only be allowed to increase prices once a day, at 12:00, while discounts can be made at any time. Violations could be sanctioned with fines of up to 100,000 euros.
The bill also tightens antitrust rules in an attempt to increase transparency in fuel pricing. Additional measures are already under discussion within Chancellor Friedrich Merz's governing coalition of conservatives and social democrats.
Fuel prices of more than 2 euros per liter have become increasingly common in Germany since late February following US and Israeli attacks on Iran and Iran's retaliatory strikes on the Gulf states.
Economists now estimate that inflation in Germany will be closer to 3% this year than the 2% previously forecast.
The German government, which runs Europe's largest economy, approved the legislative package in mid-March, and it is due to come into force in early April. The measures will be reviewed after one year.
