The Chamber of Labor (AK), on whose initiative the appointment of the commission goes back, suggested today that company audits should also be carried out in order to gain an insight into the business conduct. “This is the only way to determine whether these price increases are justified or not,” said the chamber to the APA.
In addition, the AK calls for the establishment of an anti-inflation commission “which not only observes, but also has the tools to take action against unjustified price increases”. And in order to be able to react quickly in the event of a crisis and to take action against cost explosions, electricity and gas would also have to be included in the price law.
Kocher takes part in the meeting
Last week, Economics Minister Martin Kocher (ÖVP) announced the establishment of the price commission in a letter to AK President Renate Anderl. The letter was also signed by Finance Minister Magnus Brunner and Agriculture Minister Norbert Totschnig (both ÖVP). Kocher will also take part in the first meeting of the commission tomorrow in Vienna.
The design of the test procedure is determined by the commission. The duration of the procedure is open, deadlines are not specified in the price law. The first step is to clarify whether one or more of the companies named in the application charged excessive prices in an international comparison, the Ministry of Economic Affairs said at the time.
Is there an unjustified pricing policy?
Only when this question is answered in the affirmative does the pricing committee face the second question: Is there an unjustified pricing policy? In the event of price regulation, Minister Kocher could provide for economically justified maximum, fixed or minimum prices.
The background to the investigation is the sometimes sharp rise in fuel prices and the results of the control of the fuel market by the Federal Competition Authority (BWB). At the beginning of July, the BWB published its findings and found no market abuse, but significant jumps in profits in the mineral oil industry. The gross refining margins of the oil companies have tripled since the start of the Ukraine war.
Section 5 regulates how to proceed in the event of an unjustified pricing policy that has negative economic effects. Here, “the Federal Minister for Economic Affairs has to determine a maximum price for a period of six months. This has to be based on the price development in comparable European countries, taking into account any special economic conditions existing in the relevant branch of industry and can also be determined for individual economic levels “.
Source: Nachrichten
