The federal government has complied with the Chamber of Labor (AK) request for a price commission for mineral oil products. It will investigate the market in accordance with Article 5 of the Price Act. This is apparent from a letter from Minister of Economic Affairs Martin Kocher (ÖVP) to AK President Renate Anderl. The one-page letter was also signed by Finance Minister Magnus Brunner and Agriculture Minister Norbert Totschnig (both ÖVP).
The background to the AK’s request is the sharp rise in fuel prices and the results of the investigation into the fuel market by the Federal Competition Authority (BWB). In early July of this year, the BWB published its findings and found no market abuse, but significant profit jumps in the mineral oil industry. The gross refining margins of the oil companies have tripled since the start of the war in Ukraine.
Commission investigates whether prices are justified
A month later, the AK announced an application for the appointment of the prize committee. With this, the minister should check whether the high prices for heating oil and heating oil are justified, Anderl said at the time. Kocher has now responded to the request in a letter available from the APA. The prize committee, chaired by the Minister of Economic Affairs, consists of representatives of the Chamber of Labor (AK), the Chamber of Commerce (WKÖ), the Chamber of Agriculture (LKÖ) and the Ministry of Finance.
Minister could determine maximum price
Section 5 also regulates how to act in the event of an unjustified pricing policy with negative economic effects. Here, “the Federal Minister of Economic Affairs must set a maximum price for a period of six months. This should be based on price developments in comparable European countries, taking into account any special economic conditions in the industry concerned and can also be determined for individual economic phases.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
