OMV Aligns with Austria's New Petrol Pricing Rules

Austrian oil company OMV has aligned itself with the latest regulations to lower petrol prices, according to E-Control, the country's energy regulator. OMV initially failed to fully comply, prompting a review by the economy ministry which oversees energy policy.

The compliance measures are part of a government initiative to counteract a surge in oil prices, aided by the Iran war. The new rules dictate that any increase in VAT due to rising fuel prices should benefit consumers, while retailers, including OMV, face capped margins. Economy Minister Wolfgang Hattmannsdorfer confirmed that the rules necessitate a 5 euro cents reduction on margins, now clarified by E-Control.

OMV has now adjusted and implemented the required price cuts, following discussions with E-Control. "This newly established clarity allows consistent implementation of regulations for all market participants," OMV stated. This development ensures OMV's current compliance with Austria's pricing guidelines. ($1 = 0.8553 euros)

(With inputs from agencies.)