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Research Article

Heterogeneous Cost Pass-through in the Retail Fuel Market

주유소 특성을 고려한 유가 변동의 휘발유 및 경유 판매가격전가 분석

In Kyung Kim1*
김 인경1*
1School of Economics and Trade, Kyungpook National University, Daegu 41566, South Korea
1경북대학교 경제통상학부 조교수
*Corresponding Author
31 March 2022. pp. 115-144
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Abstract

This paper empirically examines firm-level heterogeneity in cost pass-through by taking advantage of the plunges in global oil prices during the second half of 2014 and during the first four months of 2020. This study found that during both periods cost pass-through varies across gas stations depending on their characteristics. Namely, retail fuel prices are more cost-reflective at self-service or thrifty stations and stations under higher competition. Conversely, cost pass-through is lower at a premium station than at a non-premium station. These findings remain robust after addressing non-linearity or delay in pass-through and suggest that low-income consumers may benefit more from falling oil prices than higher-income consumers.

Keywords
pass-through
gas station
fuel price

본 연구에서는 국내 주유소들의 월별 판매가격 데이터를 활용하여, 2014년 하반기 및 2020년 상반기에 발생한 전세계적인 유가 하락의 휘발유 및 경유 판매가격전가 정도가 주유소의 특성에 따라 어떻게 다른지를 분석하였다. 분석결과 셀프주유소, 알뜰 주유소 및 경쟁업체가 많은 주유소에서 유가하락이 휘발유 및 경유 판매가격에 크게 반영이 되었으며, 이와는 반대로 고급휘발유를 판매하는 주유소에서는 휘발유 및 경유의 판매가격 하락폭이 다른 주유소에 비해 상대적으로 작은 것으로 나타났다. 이러한 결과는 가격탄력성이 높은 저소득 소비자들이 다른 소비자들에 비해 유가의 하락으로 부터 보다 큰 혜택을 받음을 시사한다.

키워드
비용전가도(cost pass-through)
주유소
연료 가격
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Information
  • Publisher :Korea Energy Economic Institute·Korea Resource Economics Association
  • Publisher(Ko) :에너지경제연구원·한국자원경제학회
  • Journal Title :Korean Energy Economic Review
  • Journal Title(Ko) :에너지경제연구
  • Volume : 21
  • No :1
  • Pages :115-144
  • Received Date : 2022-01-31
  • Revised Date : 2022-03-03
  • Accepted Date : 2022-03-07
  • DOI :https://doi.org/10.22794/keer.2022.21.1.005
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