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The determinants of retail petrol prices in Greece

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  • Angelopoulou, Eleni
  • Gibson, Heather D.

Abstract

The purpose of this article is to examine the relationship between retail prices of petrol, international oil prices and tax rates in Greece. We examine not only the hypothesis that retail prices act asymmetrically to crude oil price changes and the pass-through rates of tax increases, but also use the cross-sectional dimension of the data to explore whether the existence or otherwise of market power affects retail prices. Our results provide little evidence for asymmetric behaviour. However, the degree to which prices overreact to tax changes and the significance of market power across the different regions suggests that the market for petrol/diesel is not very competitive.

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Bibliographic Info

Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 27 (2010)
Issue (Month): 6 (November)
Pages: 1537-1542

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Handle: RePEc:eee:ecmode:v:27:y:2010:i:6:p:1537-1542

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Web page: http://www.elsevier.com/locate/inca/30411

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Keywords: Oil prices Petrol prices Diesel prices Asymmetric adjustment Tax change pass-through;

References

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  1. Godby, Rob & Lintner, Anastasia M. & Stengos, Thanasis & Wandschneider, Bo, 2000. "Testing for asymmetric pricing in the Canadian retail gasoline market," Energy Economics, Elsevier, Elsevier, vol. 22(3), pages 349-368, June.
  2. Stanislav Radchenko, 2004. "Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases," Industrial Organization, EconWPA 0408001, EconWPA.
  3. Sen, Anindya, 2003. "Higher prices at Canadian gas pumps: international crude oil prices or local market concentration? An empirical investigation," Energy Economics, Elsevier, Elsevier, vol. 25(3), pages 269-288, May.
  4. Duffy-Deno, Kevin T., 1996. "Retail price asymmetries in local gasoline markets," Energy Economics, Elsevier, Elsevier, vol. 18(1-2), pages 81-92, April.
  5. Liu, Ming-Hua & Margaritis, Dimitris & Tourani-Rad, Alireza, 2010. "Is there an asymmetry in the response of diesel and petrol prices to crude oil price changes? Evidence from New Zealand," Energy Economics, Elsevier, Elsevier, vol. 32(4), pages 926-932, July.
  6. Borenstein, Severin & Cameron, A Colin & Gilbert, Richard, 1997. "Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(1), pages 305-39, February.
  7. Nathan S. Balke & Stephen P. A. Brown & Mine Yücel, 1998. "Crude oil and gasoline prices: an asymmetric relationship?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, Federal Reserve Bank of Dallas, issue Q 1, pages 2-11.
  8. Douglas, Christopher C., 2010. "Do gasoline prices exhibit asymmetry? Not usually!," Energy Economics, Elsevier, Elsevier, vol. 32(4), pages 918-925, July.
  9. Meyler, Aidan, 2009. "The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices," Energy Economics, Elsevier, Elsevier, vol. 31(6), pages 867-881, November.
  10. Wlazlowski, Szymon, 2001. "Petrol and Crude Oil Prices: Asymmetric Price Transmission," MPRA Paper 1486, University Library of Munich, Germany, revised 2001.
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Cited by:
  1. Polemis, Michael L. & Fotis, Panagiotis N., 2013. "Do gasoline prices respond asymmetrically in the euro zone area? Evidence from cointegrated panel data analysis," Energy Policy, Elsevier, Elsevier, vol. 56(C), pages 425-433.
  2. Valadkhani, Abbas, 2013. "Modelling the terminal gate prices of unleaded petrol in Australia," Economic Modelling, Elsevier, Elsevier, vol. 33(C), pages 233-243.

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