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The Influence of Spring Festival on Chinese Gasoline Price

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

Listed:
  • Zhaoyu Li

    (The University of Sydney, Faculty of Science)

Abstract

The highly uncertain nature of the globalised and diversified oil market has resulted in complex and volatile oil prices, which have attracted widespread international attention. In the author’s previous research, the changes in petrol prices before and after Chinese New Year in the Chinese community in Sydney, Australia, were found to be very different from those in other parts of Sydney. The author speculated that the abnormal fluctuations in gasoline prices were caused by festivals. Therefore, in this paper, the author explored whether gasoline prices in China had the same changes by examining the changes in the gasoline market in China before and after the Spring Festival. This paper selected the gasoline price data in Beijing, Shanghai and Guangdong for the whole year of 2021 and the first half of 2022 for statistical analysis. Then the results were compared with the change in petrol prices in Australia during the Chinese New Year. The paper concludes that petrol prices are indeed influenced by the Chinese New Year, but also by specific time and events, such as technological developments, the impact of war on the global economy including petrol market prices and the global spread of COVID-19.

Suggested Citation

  • Zhaoyu Li, 2022. "The Influence of Spring Festival on Chinese Gasoline Price," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 1275-1280, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_142
    DOI: 10.2991/978-94-6463-052-7_142
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