2020
DOI: 10.1016/j.eneco.2020.104755
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Abstract: The aim of this study is to provide a novel method to assess whether retail fuel prices respond asymmetrically to changes in the international crude oil prices. To do so, we consider the whole supply chain, we use daily data and we depart from the current practice in the literature that focuses on prices. Rather, we consider the markups of both the refineries and retailers. Hence, we show that we first need to assess whether the refineries' mark-up responds asymmetrically to the international crude oil prices …

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