Germany targets oil firms to prevent wartime price gouging

Berlin: Germany said Tuesday its competition watchdog will soon get more powers to target energy firms over concerns they are unfairly hiking petrol p...

Berlin: Germany said Tuesday its competition watchdog will soon get more powers to target energy firms over concerns they are unfairly hiking petrol prices to profit from the wartime oil shock.

Global oil prices have surged as the Middle East conflict has led to the near total closure of the Strait of Hormuz to oil and gas tankers.

In Germany, "it is certainly notable that prices at gas stations have risen more sharply than the European average," Economy Minister Katherina Reiche told a press conference.

"The oil industry has not provided a particularly convincing explanation for this, and that is why we will take action."

The Federal Cartel Office watchdog will be given more powers "to quickly investigate and stop price markups in the wholesale sector," she said.