Resellers' Regulated Demand Price of 93 Octane Petrol in Namibia Relative to OPEC Crude Oil Price, 1991
AbstractThis paper examines the efficiency implications of regulated demand price of 93 octane petrol relative to OPEC crude oil price across 183 Namibian localities in 1991. It describes briefly pricing problems associated with managing petroleum and petro-products. Assuming that demand price depends on expected profits and the quantities demanded and supplied, econometric estimations show actual average petrol prices higher than estimated (optimal) prices. Petrol prices are higher in Namibia than in either OPEC countries or the rest of the world, with the exception of the OECD countries. Two measures of efficiency conclude that managed prices in Namibia are non-optimal, and therefore recommend liberalization of the petrol industry in order to increase actual competition, efficiency, and consumer surplus, and lower prices.
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Bibliographic InfoPaper provided by EconWPA in its series Others with number 0307001.
Length: 22 pages
Date of creation: 18 Jul 2003
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demand for petrol in Namibia;
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