Germany's new price regulation for petrol stations is due to take effect on April 1, a spokesman for the Economy Ministry confirmed on Monday.

In response to soaring oil prices as a result of the war in the Middle East, the German government last week passed a bill to limit petrol stations to raising prices once a day.

The bill was signed by President Frank-Walter Steinmeier on Friday and must be published in the Federal Law Gazette before taking effect.

The spokesman said the "parties involved have asked us to work towards the legislation coming into force on April 1 to ensure a smooth implementation."

The bill is therefore to be published in the Federal Law Gazette on Tuesday before coming into force on Wednesday, the spokesman added.

Under the new rule, petrol stations will be allowed to raise their prices only once a day, at midday.

The aim is to limit price fluctuations and ensure greater transparency. Price reductions, however, can still be made at any time.

The rule is modelled on a similar law in Austria. Critics and consumers have warned that it will be insufficient to restrict prices at the pump.