Germany to release part of oil reserve to stem soaring cure prices

Germany will release part of its oil reserve to combat soaring energy costs due to the Middle East war. Read more at straitstimes.com.

BERLIN – Germany will release part of its oil reserve as global energy costs soar as a result of the Middle East War, Economy and Energy Minister Katherina Reiche said on March 11.

This should help bring down the world oil price, Ms Reiche said, noting that fellow members of the International Energy Agency (IEA) were also struggling with rising prices.

“The International Energy Agency, therefore, asked its member states yesterday evening to release oil reserves amounting to 400 million barrels,” Ms Reiche said.

“We will comply with this request and make our contribution,” she said.

Petrol stations in Germany would, meanwhile, be obliged to limit their price rises to one per day, Ms Reiche said, adding that past crises have shown that costs at the pump tend to rise rapidly with the oil price, but fall more slowly.

“We have, therefore, decided to limit the frequency of price changes,” she said. “Petrol stations are only allowed to increase their fuel prices once a day. But price reductions are allowed at any time.” AFP