• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.613-641
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• 2013

This paper uses the error correction model to analyse dynamic gasoline price adjustments of the four refiners. Unlike the existing studies, this model allows a refiner's asymmetric adjustment to changes in the other refiners' prices as well as in its own price and costs. With the estimation results, we can obtain the following findings. First, there are the asymmetric price adjustments to changes in exchange rate and international gasoline price, but showing opposing directions. Second, for most of the refiners, the prices respond immediately to the lagged deviation from the long run equilibrium price, but asymmetrically respond for a few refiners. Third, there are some refiners that adjust their price to the other refiners' price deviation from the long run equilibrium. For some refiners, there are competitive price adjustments to the others' price deviations. These findings imply that a refiner faces inelastic demand, intends to maintain implicitly a relative level of its own price to others, and tends to respond competitively to the others' price deviation from the equilibrium.

• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.833-854
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• 2007

Output prices tend to respond faster to input price increases than to decreases. The 'rockets and feathers' hypothesis of asymmetric price behavior in petroleum market is tested by a full adjustment error correction model. Using monthly data for the period January 1977 to June 2006, evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to increases and to decreases in crude oil price. A similar hypothesis in regard to the exchange rate is also rejected by the data. Using weekly data over the period examined, evidence of asymmetry for gasoline, diesel and heating oil is also found in the transmission of price changes from wholesale to retail: retail prices increase more quickly in response to the wholesale price increases than to wholesale price decreases.

• 한국신재생에너지학회:학술대회논문집
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• 2007.11a
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• pp.654-657
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• 2007

본 연구에서는 수송부문 온실가스 저감 대책으로 수송용 바이오에탄올을 국내 수송시장에 도입한 형태에 대해 살펴보았다. 바이오에탄올의 경우 'Carbon Neutral' 한 특성에 따라 친환경연료로써의 이점이 크나 원재료를 수입해야하고, 또 정부정책방향에 따라 경제성이 좌우된다. 분석결과, E5를 도입하여 저감잠재량을 분석했을 때 기존 휘발유 수요전망보다 연간 15억 $CO_2kg/yr$ 정도의 감축이 가능한 것으로 나타난다. 비용분석 결과 현재 휘발유에 부과하는 규모와 같은 정도의 세금이 부과한 바이오에탄올 공급가격은 1639.2원이다. 이는 휘발유 판매 가격인 1448.5에 비해 경쟁력이 없으나 바이오에탄올이 CDM 사업으로 인정받아 CERs 수익을 얻을 수 있는 경우의 공급가격은 1583.5원으로 배출권 수익을 포함하지 않았을 때보다 50원 정도의 추가 수익을 발생함을 확인하였다. 이는 바이오에탄올의 면세범위를 줄임으로써 납세자의 세금을 통한 사업자에 대한 과도한 지원을 지양할 수 있는 적정한 정부지원정책 방법으로 고려될 수 있을 것이다.

• Environmental and Resource Economics Review
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• v.22 no.2
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• pp.393-410
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• 2013

We employ a threshold vector error correction models (TVECM) to investigate the nonlinear dynamic adjustment of gasoline prices in Korea. We consider 10 regional gasoline markets including Seoul, Busan, Daegu, Incheon, Kwangju, Daejeon, Ulsan, Kangwon, Chungbuk, Jeonbuk and construct 9 price differences against Seoul. We use the bootstrap procedure suggested by Hansen (1999) and generalized by Lo and Zivot (2001) to show that three-regime TVECM is suitable for our analysis. Results indicate the gasoline price adjustment processes are nonlinear. Our estimation shows that Seoul-Daejeon, Seoul-Daegu and Seoul-Ulsan have bigger transaction costs than other market pairs and thus gasoline prices of these three regional markets are lower than that of Seoul. Gasoline prices of the other 6 regional markets are close to Seoul's price. One interesting finding is that the transaction costs are not proportional to geographical distances. This implies that transportation costs are not the main factor of the transaction costs. The transaction costs may depends on the competition intensity of gasoline markets in supply side.

• Korea Petroleum Association Journal
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• no.6 s.52
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• pp.105-107
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• 1985

프랑스는 지난 82년 5월부터 휘발유(고급 ㆍ보통)와 경유(차량용 ㆍ난방용)에 대해 정유사가 월단위로 공식에 의해 산정되는 가격내에서 공장도 가격을 결정할 수 있는 새로운 유가 연동제도를 도입, 시행해 오고 있다. 이 제도는 국내가격을 국제시장 가격에 연동함으로써 가격결정 과정에서의 인위적 요인을 최소화하여, 연동공식에 상한(Ceiling)과 하한(Floor)을 설정, 공급위기시 급격한 가격변동으로 소비자와 정유사를 함께 보호하자는데 목적이 있다. 그 메커니즘을 알아본다 <편집자주>

• Environmental and Resource Economics Review
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• v.24 no.3
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• pp.523-549
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• 2015

This paper investigates an oil refiner's asymmetric behavior in the adjustments of gasoline and diesel prices to changes in his own price and his rivals' prices as well as input costs. An asymmetric error correction model which allows a firm's pricing behavior to the deviation of other firms' prices from their long-run equilibrium level is employed for estimation using weekly data for the period April 2009 to January 2015. Evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to changes in crude oil price. A similar result in regard to the exchange rate is also found by the data. The estimation results for firm's response to changes in other firms' prices indicates that implicit collusion could be more easily exploited in the wholesale petroleum market as results of firms' interaction with each other and anticipation of rivals' pricing behavior. A few refiners show competitive price adjustment in response to the upward deviation of the others' prices from their equilibrium level.

• 사료
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• s.62
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• pp.54-57
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• 2013

차랑 등의 수송연료인 휘발유나 경유에 일정비율을 식물에서 뽑아낸 신재생연료 즉 바이오 연료를 혼합하여 공급하도록 의무화하여 온실가스 배출을 줄이기 위한 신재생연료 혼합의무제도(RFS) 국내 시행방안과 관련한 공청회가 지난 2월 15일 서울교육문화회관에서 지식경제부 주최와 한국석유관리원 주관으로 개최됐다. 정부는 2020년까지 경유나 휘발유에 바이오 디젤 에탄올을 4~5% 섞게 하여 동 기간까지 온실가스 감축목표량 중 8~10%까지 달성한다는 계획을 세워놓고 있다. 하지만 녹색연대 등 민간단체들은 온실가스 감축 효과는 매우 불확실하며 특히 어떤 원료를 쓰느냐에 따라 오히려 기후변화를 악화시킬 수 있다는 주장과 산림훼손, 세계 곡물가 상승, 국내 유가 상승 등 많은 문제점들이 있음을 우려해 강하게 반대를 표명하고 있는 입장이다. 우리 협회에서도 곡물을 이용한 에탄올의 혼합의무가 시행되는 경우 옥수수 등 사료원료가격의 상승으로 가뜩이나 어려운 축산업의 경영상황을 더욱 약화시키게 될 것이 예견되는 바, 동 혼합의무제도의 시행을 적극 반대하는 대 국회 및 정부활동을 전개한 바 있다. 그 결과 지난 4월 17일 국회 지식경제위원회 법률심사소위원회에서는 신재생연료 혼합의무제도의 시행 시기를 2년간 유보하고 혼합의무연료에서 에탄올을 제외시키는 방안을 논의한 바 있어 향후 입법과정에 관심이 모아지고 있다. 이에 따라 본지는 이번 RFS의 국내 시행과 관련하여 어떠한 문제점들이 있는지 관련 업계 종사자의 글을 통해 알아본다.

• Journal of Energy Engineering
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• v.22 no.4
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• pp.376-385
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• 2013

There are conflicts about energy price increase among government, producer, and consumer. The supplier insists on price increase for escaping running a deficit and business continuity, but the consumer concerns about worsening profitability and price rise. This study investigates the effects of energy rate increase on national economy using input-ouput(I-O) analysis. This study attempts to analyze the effects of national economy due to Coke and hard-coal, Naphtha, Gasoline, Kerosene, Light oil, Heavy oil, Liquefied petroleum gas, Electric utilities, Manufactured gas supply and Steam and hot water supply (using input-output table for the year 2011, Korea.) The results of the sectoral price changes due to a 10% increase in energy price that is obtained from the Leontief price model are presented in article. The result of this analysis is presented: The impact of the 10% increase in electricity rate on the general price level is estimated to be 0.2196%. In case of Kerosene, the impact is 0.1222%. It shows that Electric utilities are approximately 18 times larger price inducing effect as Kerosene. Also, this study indicates 3 years results sequentially to make it possible to observe trend. Then, study suggests balancing price by making each energy source adjusted.

• Journal of Advanced Marine Engineering and Technology
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• v.35 no.5
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• pp.566-575
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• 2011

Since LPG (Liquefied petroleum gas) fuel supply system has an advantage of low emission characteristics, many studies have been conducted. In spite of the advantage of LPG supply system, a higher vapor pressure and lower viscosity than diesel or gasoline fuel may cause unstable running of fuel pump by the deterioration in lubrication performance and chemical reaction with rubber parts than that of diesel and gasoline fuel. Therefore its physical properties can cause the deterioration of durability. In this research, we developed an external type LPG pump which has the advantage of the price competitiveness and the convenient maintenance for LPLi system. The experiments were carried out in order to assess characteristics of the external type fuel pump at different fuel composition and temperature. As a result, there aren't any differences between internal and external type pump performance. It is observed that the same level of efficiency was maintained for both pumps as flow rate was increased with higher fuel temperature and more contents of propane in the fuel. And the pressure difference in LPLi system is maintained at constant with the various fuel compositions and temperatures due to their own characteristics of fuel supply system.

• Environmental and Resource Economics Review
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• v.12 no.4
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• pp.637-661
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• 2003

This paper analyzes the impact of import liberalization of petroleum product market in 1997 on the behavior of a domestic industry, regarded as a typical oligopoly. Based on the theory of implicit cartel, two regression equations were formulated and estimated for domestic production and refinery margin using monthly data for the period from Jan. 1994 to June 2003. Estimation results show that not only did domestic production rise sharply but also the refining cost fell substantially throughout 1996 before the actual liberalization of imports, Such a response is clearly consistent with the implicit cartel theory, which suggests that once the difficulty of maintaining a cartel in the future is recognized, the cartel immediately collapses and anticipation of import liberalization can cause immediately lowering market price as well as an immediate expansion of the supply by a domestic industry. However, the significant reduction of refinery cost accompanied by a large contraction in domestic output after the actual implementation of import liberalization can be explained by the collapse of implicit cartel caused by the anticipated liberalization of imports. Thus, import liberalization in the sense of allowing entry of foreign producers into domestic market has seemed to be an effective means to weaken market power and induce more competitive conduct of domestic firms.