Germany sees third consecutive diesel price record after rule change

Germany has recorded a third consecutive day of record diesel prices after the government introduced a new measure earlier this week, the country's ADAC automobile association said on Saturday.

The average daily price of diesel nationwide reached €2.391 ($2.755) per litre on Friday, the group said, after hitting €2.346 on Thursday.

In response to soaring oil prices as a result of the war in the Middle East, the German government passed a bill last week to restrict petrol stations to raising prices once a day, at midday, in an effort to limit price fluctuations and ensure greater transparency.

However, the measure, based on an Austrian regulation, has failed to bring down prices, which have instead surged since it was introduced on Wednesday.

“These figures show that the Austrian model certainly does not deserve to be called a 'price brake' and that it actually has a counterproductive effect,” the ADAC said.

Prices seem set to continue rising, with diesel surging to a new high of €2.486 in a nationwide average at midday on Saturday.

The price of E10 petrol, which contains 10% ethanol, also rose to €2.234 per litre on Saturday.