Germany aims to clamp down on fuel price increases caused by Iran war

BERLIN, March 15 (Reuters) - Germany's federal government is working on a bill that would require oil companies to provide justification in advance for price increases at service stations, a government spokesperson said on Sunday.

• The move was prompted by a rapid rise in gasoline prices following the outbreak of the U.S.-Israeli war on Iran more than two weeks ago.

• The legislation being drafted would allow gas stations to raise prices only once a day at 12:00 p.m., though price reductions will be permitted at any time, the spokesperson said.

• The draft bill was sent for inter-ministerial consultation and to parliament on Sunday.

• It could be adopted as early as this week and would not require approval from the upper house of parliament, the Bundesrat.

• The law is intended to be temporary and would be reviewed after the summer.