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’Petrol police’ set to fight pump price hikes in Germany

03 May 2012 08:44 (UTC +04:00)

Baku - APA-Economics. Germany is set to introduce â€œpetrol policeâ€ to collect and monitor fuel prices across the country â€“ from import to the pump, in an attempt to combat soaring prices.

The cabinet agreed on Wednesday to push forward measures which will oblige the operators of all 14,700 petrol stations across the country to provide detailed information before increasing prices.

They will also have to notify a â€œmarket transparency officeâ€, when they buy fuel, giving over details of quantity, price and provenance of their purchase.

With petrol prices at a record high, and the competition watchdog still pursuing an inquiry into allegations of price-rigging against five major oil companies, the government has moved to clamp down on malpractice in the industry.

Economy Minister Philipp RÃ¶sler said the new regulations would encourage greater transparency and competition in the petrol sector, and give the Federal Cartel Office greater power to curb unchecked price hikes.