Business Economics - GM545
Academic Term: May 2012 Session
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Factors affecting the price of Gasoline:
It is an established fact that market forces of demand and supply are responsible for fluctuation in prices of commodities. Where demand is greater than supply, it is going to result in price hike i.e. An upward shift in the demand curve and vice versa.
Same principle governs the prices of gasoline at pumps and service stations. Where the retailer increases his prices, disregarding the competition, the demand of a gasoline at that particular pump will decline with business shifting to the competition. Where the demand reduces greatly, the retailer will further reduce his prices for customer retention.
Hence, it is competition in the retail industry which affects the prices greatly. This is the very reason why a gasoline station at a distant area or the one within the city shows price difference.
Another factor which may affect the prices of gasoline is the independent ownership of gasoline stations where the dealers are free to set their own prices.
Third noticeable factor for changes in gasoline prices is the change in the crude oil prices. Gasoline is provided to the local market after extraction from the crude oil. Where a change in international prices of crude oil is observed, result is a snowball effect and a change in gasoline price as well.
Fourth factor which is responsible for having an effect on gasoline price is individual state taxes. The taxes levied on gasoline vary as per state. And furthermore, states require different formulae for gasoline extraction....
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