UK Gasoline Prices: How Fast are Changes in Crude Prices Transmitted to the Pump?

The recent dramatic fall in the price of crude oil has focussed attention on the relationship between crude oil prices and retail gasoline prices in the UK. The central issue is that of how long it normally takes for the fall in costs to be felt in a fall in final prices. The purpose of this study is to investigate the relationship between these two variables over a period for which there is homogeneous data, and to see whether the lag has been constant over time and whether all cost changes are passed on equally rapidly.

By: R. Bacon

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