German authorities urged businesses and citizens to be prepared for a significant increase in gas prices

The situation is tense and worsening cannot be ruled out, the German Federal Network Agency said.

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“Wholesale prices increased significantly as a result of reduced supplies and stabilized at a high level. Businesses and individuals should look forward to significantly rising gas prices,” the agency said in a daily report.

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Earlier, German Economy Minister Robert Habek announced the activation of the second stage of the gas emergency plan. In particular, he suggests that firms should start saving fuel costs.