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The Effect of Oil Prices Volatility on Prices in the Domestic Market: Empirical Evidence from Russia
Proceedings of International Conference on Research in Education and Science - 2021
Svetlana Balashova
Mack Shelley, I-Tsun Chiang, O. Tayfur Ozturk
978-1-952092-16-9
108-118
The dynamics of real prices of crude oil in the domestic market and its dependence on world oil prices is examined. The ARDL model approach is used to get the results. It is shown that nominal prices in dollars are strongly related to current word prices although are considerably lower in the domestic market. The difference between the world market price and the local price is mainly export duties. Export duties on oil and petroleum products, in addition to their fiscal function, also perform the function of protecting the domestic market from rising fuel prices. However, the real oil price in the local currency has different dynamics and is less volatile than current dollars prices. Volatility in Brent prices has an additional impact on real domestic prices of crude oil in Russia. Uncertainty in the global oil market causes the uncertainty in revenue flow for the oil-producing companies, which forces them to increase oil prices in the domestic market. Domestic prices dropped sharply in April 2020, but then almost return to pre-pandemic levels although Brent has not. The possible explanation is the increased volatility in the global oil market.
Balashova, S. (2021). The effect of oil prices volatility on prices in the domestic market: Empirical evidence from Russia. In M. Shelley, I. Chiang, & O. T. Ozturk (Eds.), Proceedings of ICRES 2021-- International Conference on Research in Education and Science (pp. 108-118), Antalya, TURKEY. ISTES Organization.
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