Germany Closely Monitoring Higher Fuel Prices Stoked by Iran War

Article content(Bloomberg) — The German government has set up a task force to assess whether action may be required to contain fuel-price gains triggered by the Middle East conflict though it sees no immediate need to intervene.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentStefan Kornelius, chief spokesman for Chancellor Friedrich Merz, told reporters at the regular government news conference Wednesday that authorities are “monitoring the situation” but currently see “no need whatsoever to respond.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentAsked about accusations that gas-station operators and oil companies may be exploiting the Iran crisis, a spokeswoman for the economy and energy ministry said the government had no evidence of such behavior. She confirmed the establishment of a task force to monitor the situation.Article contentArticle contentThe jump in energy prices has sparked fresh debate in Germany about whether the state should help offset rising costs. The previous Social Democrat-led ruling coalition rolled out subsidies in 2022 after Russia’s invasion of Ukraine sent prices soaring.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentEconomy Minister Katherina Reiche said Wednesday that Germany isn’t suffering a shortage of oil or gas, even as she conceded the situation “remains volatile.”Article content“We have to monitor how long the hostilities last and will then react with crisis mechanisms that we naturally have in our portfolio and could activate,” Reiche, a member of Merz’s conservative CDU/CSU bloc, told reporters at an industry event in Munich. “But there is no cause for concern now.”Article contentDiesel prices briefly climbed to more than €2 ($2.3) per liter Wednesday, a level last seen in September 2022, before falling back, according to the German Automobile Club.Article contentThe rise in gasoline prices was not as steep as diesel, which is considerably more sensitive to crises, the organization said on its website.Article contentEsra Limbacher, a lawmaker from the co-governing Social Democrats, complained of a “a rip-off” at the pumps.Article content“It is unacceptable if geopolitical uncertainty is used as a pretext for excessive margins,” he said. “We need greater market transparency and rigorous oversight of any potential exploitation of crisis situations.”Article contentTrending Posthaste: This dormant pipeline needs to be restarted for the sake of Canada, economists say News Mortgage renewal headwinds near a ‘turning point’ for pandemic buyers, report says Mortgages Housing affordability improves yet again, though not for the right reasons Real Estate Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Canada’s Outstanding CEO of the Year: Canadian Tire chief Greg Hicks CEO of the Year Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: This dormant pipeline needs to be restarted for the sake of Canada, economists say News Mortgage renewal headwinds near a ‘turning point’ for pandemic buyers, report says Mortgages Housing affordability improves yet again, though not for the right reasons Real Estate Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Canada’s Outstanding CEO of the Year: Canadian Tire chief Greg Hicks CEO of the Year