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Issues in Domestic Petroleum Pricing in Oil-Producing Countries

Author/Editor: Gupta, Sanjeev | Clements, Benedict J. | Fletcher, Kevin | Inchauste, Gabriela
Authorized for Distribution: August 1, 2002
Electronic Access: Free Full Text (PDF file size is 1,151KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper discusses issues relating to the domestic pricing of petroleum in oil-producing countries. It finds that in most major oil-exporting countries, government policies keep domestic prices below free-market levels, resulting in implicit subsidies that equaled 3.0 percent of GDP, on average, in 1999. Moreover, the paper argues, these petroleum subsidies are inefficient and inequitable-entailing substantial opportunity costs in terms of forgone revenue or productive spending-and also procyclical, complicating macroeconomic management. Nonetheless, the elimination of petroleum subsidies is often politically difficult, although countervailing measures and publicity campaigns can help engender support for reform.
 
Series: Working Paper No. 02/140
Subject(s): Oil prices | Oil producing countries | Oil pricing policy | Subsidies
Author's keyword(s): Oil petroleum subsidies | domestic prices | excises | fiscal policy | incidence
 
English  
    Published:   August 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1402002   Pages:   31
    Price:   US$15.00
       
     
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