• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.69-92
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• 2012

This paper analyzed price asymmetry of domestic petroleum products by distribution stage. Analyzing the asymmetry by distribution stage, we can investigate the gap between analysis results and consumers' perception. For the first stage, we analyzed asymmetries between retail prices including tax and the spot prices of crude oil. The results show that retail price increases more quickly in response to the crude oil prices rise than to the crude oil prices fall as consumers' perception. For the second stage, we analyzed asymmetry of international petroleum product prices in Korean Won with the change in the crude oil spot prices. The results show that international petroleum product prices increase higher in response to the crude oil prices increase than to the crude oil prices decrease. For the final stage, we examined the asymmetry of wholesale price and retail price with the change in the international petroleum product prices in Korean Won. The results show that wholesale prices increase more quickly in response to the crude oil prices rise than to the international petroleum product prices fall. The retail prices, however, decrease more quickly in response to the crude oil prices fall than to the international petroleum product prices rise.

• Korea Petroleum Association Journal
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• no.6 s.28
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• pp.35-40
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• 1983

석유제품가격 인하를 둘러싼 열풍이 채 가시기도 전에 나프타공급부족 사태에 처한 대처방안의 논란이 한창이다. 이를 계기로 우리나라의석유제품가격의 형성과정을 시장 기능을 중심으로 살펴보고, 앞으로의 장기유가 관리방향을 제시한다.

• Environmental and Resource Economics Review
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• v.20 no.4
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• pp.663-688
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• 2011

Since the liberalization of petroleum product prices in 1997, there has been persistent suspicion with regard to asymmetry in the movement of petroleum product prices in Korea. In particular, academics and consumer groups suggest that prices decided by refining companies and gas stations have moved asymmetrically compared with international petroleum product prices. The primary aim of this study is to determine, using the Error Correction Model, to perform multi-country asymmetry analysis including the United States, the United Kingdom, Germany, France, Italy and Japan. We shows that comparison of domestic prices with international prices in the six countries mentioned above revealed a fairly low level of asymmetry in those countries, although some asymmetry was found in some countries at various times within the period of analysis. To explain the different degrees of asymmetry between countries, this study looked at asymmetry in the United States, Germany and Italy and sought correlations between each country's oil industry structure and its level of competition.

• Korea Petroleum Association Journal
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• no.10 s.164
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• pp.116-119
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• 1994

석유사업법 제 15조의 규정에 의하여 국내 석유류제품 최고판매가격에 관한 고시 (상공자원부고시 제 1994-13호)중 일부를 다음과 같이 개정한다. 1994. 9. 15 상공자원부 장관

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.121-145
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• 2019

This paper investigates the relationship between the oil price and the major petroleum products prices at the trading hubs such as Singapore, North West Europe and the US New York Harbor. We focus on the lead-lag relationship between the weekly petroleum prices from 2009 to 2016 based on the vector error correction model. We find that the oil price leads the prices of petroleum products in the long term, while there is bidirectional causality in the short term. On the other hand, prices of petroleum products in regions with high import dependency, such as Europe gas oil and jet fuel price, are exogenous in the long term. We also present evidence that prices of petroleum products in region with a large global-market share lead prices in other regions. However, if the region is in an over-production situation and low industry concentration, it may lose its price leadership due to intense competition. The result in this study can provide a useful information to petroleum refining companies in forecasting fluctuations of product price, and hence in planning their regional arbitrage trading activities.

• Korea Petroleum Association Journal
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• no.8 s.162
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• pp.24-25
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• 1994

석유사업법 제15조(석유판매가격의 최고액 등)의 규정 및 상공자원부 고시 제 1994-13호('94. 2. 15)에 의하여 1994년 7월 15일 0시부터 국내석유류제품 최고판매가격을 별첨과 같이 조정, 공고합니다. 1994. 7. 15 사단법인 대한석유협회 회장

• Korea Petroleum Association Journal
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• no.9 s.163
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• pp.94-95
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• 1994

석유사업법 제15조(석유판매가격의 최고액 등)의 규정 및 상공자원부 고시 제 1994-13호('94.2.15)에 의하여 1994년 8월 15일 0시부터 국내석유류제품 최고판매가격을 별첨과 같이 조정, 공고합니다. 1994. 8. 15 사단법인 대한석유협회 회장

• Korea Petroleum Association Journal
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• no.9 s.175
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• pp.44-45
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• 1995

석유사업법 제 15조 규정 및 상공자원부 고시 제1994-137호('94.11.1),제1995-74호('95.8.1) 및 공문 유정57235-269호('95.8.11)에 의하여, 1995년 8월 12일 0시부터 국내 석유류제품 최고판매가격을 별첨과 같이 조정, 공고하오니 업무에 참고하시기 바랍니다. 1995.8.12 사단법인 대한석유협회장

• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.581-612
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• 2013

Opinet is the system that has announced the daily domestic petroleum price data from April 2008. This study's goal is to examine if the domestic petroleum(gasoline and diesel) prices adjust their prices asymmetrically comparing before-Opinet with after-Opinet. The results of this study found the evidence of asymmetric domestic petroleum prices before the Opinet and the evidence of symmetric domestic petroleum prices after the Opinet. Also the domestic petroleum prices after the Opinet adjust upward/downward nearly twice as fast when its actual value is below/above its equilibrium. According to this study, the domestic petroleum market works more efficiently than before.

• Environmental and Resource Economics Review
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• v.22 no.2
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• pp.251-279
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• 2013

Prices of oil products such as gasoline and diesel are deregulated since 1997 while electricity price is still controlled by government. This difference may explain recent discrepancy in the patterns of demand for oil products and electricity - constant increase in electricity consumption and stagnant demand for oil. To verify it empirically, we estimate price and income (production) elasticity of demand across time by using a rolling regression with 10 year-window based on monthly data for 1981-2011. Estimation results show that the sensitivity to price in demand for gasoline and diesel has increased since mid-90s while the elasticity of demand for electricity has become smaller. Second, income (production) elasticities of demand have shown no significant changes for both oil products and electricity. Third, cross-price elasticity was found meaningful only for gasoline before mid 1990s and for diesel after then.