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How do oil prices pass through to fuel prices?
[Quelle transmission des prix du pétrole aux prix des carburants ?]

Author

Listed:
  • Erwan Gautier
  • Magali Marx
  • Paul Vertier

Abstract

A 1% increase in the price of imported refined diesel ultimately translates into a 0.75% increase in the pre-tax price and a 0.3% increase in the pump price of diesel including taxes in France. The adjustment does not occur immediately but is rapid: after one week, the increase in the pre-tax price is 0.45%, i.e. more than 50% of the final pass-through. Prices respond in the same way to an upward or downward shock. Une hausse de 1% du prix du gazole raffiné importé se traduit in fine par une hausse de 0,75% du prix HT et de 0,3% du prix TTC du gazole à la pompe en France. L’ajustement est progressif mais rapide : après une semaine, la hausse du prix HT est de 0,45% soit plus de 50% de la transmission finale. Les prix réagissent de la même manière à un choc à la hausse ou à la baisse.

Suggested Citation

Handle: RePEc:bfr:econot:233
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File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/how-do-oil-prices-pass-through-fuel-prices
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File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/quelle-transmission-des-prix-du-petrole-aux-prix-des-carburants
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