• 한국지구물리탐사학회:학술대회논문집
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• 2003.11a
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• pp.669-675
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• 2003

This paper examines structural breaks and asymmetries of prices of four domestic petroleum products, i.e., gasoline, kerosene, diesel, and bunker-C, following the changes in the pricing policies pertaining to petroleum products in Korea from the government-controlled pricing system to the market pricing system. We use the monthly wholesale market price data for the sample period between July 1988 and December 2001. Using the four methods: the Chow test, the CUSUM/CUSUMQ tests, the Bayesian approach and the Dufour test, the structural behaviors of the petroleum product prices are examined. We found that structural change occurred in all petroleum products, with the exception of Kerosene, at the point of pricing policy change from government-controlled to the spot-price related pricing system. We, also conducted asymmetric analysis using the Borenstein, Cameron, and Gilbert (1997)'s model and found evidences of price asymmetry for all four product types, but in different pattern for each product.

• Tribology and Lubricants
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• v.36 no.3
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• pp.161-167
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• 2020

Petroleum is the most used energy source in Korea with a usage rate of 39.5% among the available 1st energy source. The price of liquid petroleum products in Korea includes a lot of tax such as transportation·environment·energy tax. Thus, illegal production and distribution of liquid petroleum is widespread because of its huge price difference, including its tax-free nature, from that of the normal product. Generally, illegal petroleum product is produced by illegally mixing liquid petroleum with other similar petroleum alternatives. In such case, it is easy to distinguish whether the product is illegal by analyzing its physical properties and typical components. However, if one the components of original petroleum product is added to illegal petroleum, distinguishing between the two petroleum products will be difficult. In this research, we inspect illegally produced gasoline, which is mixed with methyl tertiary butyl ether (MTBE) as an octane booster. This illegal gasoline shows a high octane number and oxygen content. Further, we analyze the different types of green dyes used in illegal gasoline through high performance liquid chromatography (HPLC). We conduct component analyses on the simulated sample obtained from premium gasoline and MTBE. Finally, the illegal gasoline is defined as premium gasoline with 10% MTBE. The findings of this study suggest that illegal petroleum can be identified through an analytic method of components and simulated samples.

• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.69-92
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• 2012

This paper analyzed price asymmetry of domestic petroleum products by distribution stage. Analyzing the asymmetry by distribution stage, we can investigate the gap between analysis results and consumers' perception. For the first stage, we analyzed asymmetries between retail prices including tax and the spot prices of crude oil. The results show that retail price increases more quickly in response to the crude oil prices rise than to the crude oil prices fall as consumers' perception. For the second stage, we analyzed asymmetry of international petroleum product prices in Korean Won with the change in the crude oil spot prices. The results show that international petroleum product prices increase higher in response to the crude oil prices increase than to the crude oil prices decrease. For the final stage, we examined the asymmetry of wholesale price and retail price with the change in the international petroleum product prices in Korean Won. The results show that wholesale prices increase more quickly in response to the crude oil prices rise than to the international petroleum product prices fall. The retail prices, however, decrease more quickly in response to the crude oil prices fall than to the international petroleum product prices rise.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.121-145
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• 2019

This paper investigates the relationship between the oil price and the major petroleum products prices at the trading hubs such as Singapore, North West Europe and the US New York Harbor. We focus on the lead-lag relationship between the weekly petroleum prices from 2009 to 2016 based on the vector error correction model. We find that the oil price leads the prices of petroleum products in the long term, while there is bidirectional causality in the short term. On the other hand, prices of petroleum products in regions with high import dependency, such as Europe gas oil and jet fuel price, are exogenous in the long term. We also present evidence that prices of petroleum products in region with a large global-market share lead prices in other regions. However, if the region is in an over-production situation and low industry concentration, it may lose its price leadership due to intense competition. The result in this study can provide a useful information to petroleum refining companies in forecasting fluctuations of product price, and hence in planning their regional arbitrage trading activities.

• 한국디지털정책학회:학술대회논문집
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• 2007.06a
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• pp.191-204
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• 2007

This research investigates the present situation of petroleum market and the potential strategy which help gas stat ion obtain compel it ive advantages. Specifically, this research chooses five factors (product quality, service, price, multi-function, easy entrance) which are believed to be extensively related to repurchasing intent ion. The findings are as follows ; First, four factors associated wi th gas stat ion choice (product quality, service, price, multi-function) are related to repurchase intent ion except easy entrance. Second, sex and age have moderating effects between factors and repurchase intention. To keep and preoccupy new customers, the administrators of petroleum industry and gas station should establish sales/administration strategies considering these above.

• Journal of Digital Convergence
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• v.7 no.3
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• pp.83-92
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• 2009

This research investigates the present situation of petroleum market and the potential strategy which help gas station obtain competitive advantages. Specifically, this research chooses five factors (product quality, service, price, multi-function, easy entrance) which are believed to be extensively related to repurchasing intention. The findings are as follows; First, four factors associated with gas station choice (product quality, service, price, multi-function) are related to repurchase intention except easy entrance. Second, sex and age have moderating effects between factors and repurchase intention. To keep and preoccupy new customers, the administrators of petroleum industry and gas station should establish sales/administration strategies considering these above.

• Environmental and Resource Economics Review
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• v.3 no.2
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• pp.251-265
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• 1994

• Environmental and Resource Economics Review
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• v.21 no.2
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• pp.417-439
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• 2012

Recently, the Korean government has announced a stream of countermeasures for stabilizing petroleum product prices. Especially, the Fair Trade Commission proposed a transaction guideline focusing on the petroleum-product blending. The main purpose of this study is to suggest the policy options to induce and promote petroleum-product blending. For this purpose, this paper describes the changes in domestic systems related to petroleum-product blending. In addition, it discusses the major topics for inducing and promoting petroleum-product blending. It would be prerequisites to alleviate or demolish the requirements of separate storage by supplier and exclusive dealing. These options would result in the price decreases at the stages of refinery and gas station. Due to the legal constraint of law revision, it should be also considered to increase more gas stations in wholesale marts and self or franchised independent gas stations.

• Tribology and Lubricants
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• v.37 no.6
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• pp.232-239
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• 2021

Petroleum is the most consumed energy source in Korea with a usage rate of 38.7% among the available primary energy sources. The price of liquid petroleum products in Korea includes taxes such as transportation·environment·energy tax. Thus, illegal production and distribution of liquid petroleum is widespread because of its huge price difference from that of the normal product and its tax-free nature. Generally, the illegal petroleum product is produced by mixing liquid petroleum with other similar petroleum alternatives. The two kinds of gasoline, common gasoline and premium gasoline, are being distributed in Korea. The premium gasoline is often adulterated with cheaper common gasoline that lowers the octane number of gasoline. It is possible to distinguish them with their color difference, green and yellow for different grade gasoline. However, when small volume of common gasoline is added to premium gasoline, it is difficult to determine whether premium gasoline contained common grade or not. In this study, we inspect gasoline, which is illegally produced by mixing common gasoline to premium gasoline. When the ratio of mixing common gasoline is increased, premium gasoline shows decreasing absorbance at 600 nm and 650 nm under UV-Vis spectrometer. Moreover, the detected intensity (mV·s) of green dye in high performance liquid chromatography (HPLC) was decreased by common gasoline under 0.99 correlation value. The more the common gasoline is mixed, the more olefin and naphthene are detected by gas chromatography. In addition, trimethyl pentane as octane improver, paraffin and toluene are decreased by common gasoline mixing. The findings of this study suggests that illegal petroleum can be identified by analysis of components and simulated samples.

• The Korean Journal of Petroleum Geology
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• v.14 no.1
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• pp.45-52
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• 2008

The GTL(Gas to Liquids) technology, manufacturing synthesized oil from natural gas, had been developed about 1920 for the military purpose by Fischer and Tropsch, German scientists. And 1960, Sasol company had started commercializing the FT(Fischer-Tropsch) synthesis technology, for the transport fuel in South Africa. Until a recent date, the commercialization of GTL technology had been delayed by low oil price. But concern about depletion of petroleum resources, and development in synthesizing technology lead to spotlight on the GTL businesses. Especially, Qatar, which has rich natural gas fields, aims at utilizing natural gas like conventional oil resources. Therefore, around this nation, GTL plants construction has been promoted. There are mainly 3 processes to make GTL products(Diesel, Naphtha, lube oil, etc) from natural gas. The first is synthesis gas generation unit reforming hydrogen and carbomonoxide from natural gas. The second is FT synthesis unit converting synthesized gas to polymeric chain-hydrocarbon. The third is product upgrading unit making oil products from the FT synthesized oil. There are quite a little sulfur, nitrogen, and aromatic compounds in GTL products. GTL product has environmental premium in discharging less harmful particles than refinery oil products from crude to the human body. In short, the GTL is a clean technology, easier transportation mean, and has higher stability comparing to LNG works.