00000caa a22000003i 4500 UP-1685594773862408548 Buklod 20210325140018.0 m | | ta 210604s2014 xx r |||| u|eng d 16551516 (iLib)UPBAG-00039569168 BAG rda eng ARTICLE-2902 Abrenica, Ma. Joy author. Market competition in the downstream oil industry is there evidence of price asymmetry? Ma. Joy Abrenica, Rolando Danao, and Ma. Nimfa Mendoza. [Quezon City] School of Economics, University of the Philippines 2014. pages 1-20 23 cm text rdacontent unmediated rdamedia volume rdacarrier Title was 'Philippine Review of Business and Economics' until 1979. Title changed to 'Philippine Review of Economics and Business' from 1980-2000, and again changed to 'Philippine Review of Economics' since 2001. Includes bibliographical references (pages 16-19) Casual observation that domestic gasoline prices increase immediately and more than proportionately when global prices rise, while they tend to decrease slowly and less than proportionately when global prices decline, has fuelled speculation that the major oil industry players are engaging in collusion. This perception has persisted despite three independent probes into the state of market competition in the industry - none of which found direct evidence of collusion. However, the third inquiry has found some evidence of price asymmetry in a recent period. Applying a standard price asymmetry model with error correction term on weekly price data, this study finds no evidence of price asymmetry. Instead, local pump prices are confirmed to be tracking global prices symmetrically and with only a week's lag. This finding is robust for different fuel types. Price fixing Philippines. Competition, Unfair. Restraint of trade. Danao, Rolando author. Mendoza, Ma. Nimfa author. The Philippine Review of Economics Vol. 51, no. 2 (December 2014), p. 1-20. Request full-text access via UPB University Library through https://forms.gle/KZjBv7aRtY6jiL5E9 FI UPBAG UPBAG-MAIN ARTICLE-2902 Analytics