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Petrol Price Essay

1042 words - 5 pages

ESSAY An increase in the price of oil will lead to an increase in the price of their subproducts such as petrol, diesel and heating oil. Because oil refineries want have the same profit so if their costs increase (oil is with a higher price) their product is going to be as well more expensive to have everything in order.These products have an important role in our developing world so if their price varies it cause a big impact in our behaviour. Of course that the response of the demand of this products are different and it depends also in the type of user, so let's have a look to how might they response.If we have the owner of a 4X4 that consumes large quantities of petrol. And he only uses ...view middle of the document...

Diesel is an other story, because it is use mainly for trucks and heavy machinery. His need is always the same even when its price increase, because is a factor of production of a lot of industries. So an increase in price of it is assume, as an increase in costs of production but the response of it is almost perfect inelastic because you could optimised their use but not reduce it considerably. For example for a person that has a truck and he uses it to transport wood from the sawmill to the port, an increase in the price of diesel would affect his work. He could increase his tariff in the short run or reduce his income but never stop working. So his response is inelastic. In the long run he could add a trailer to have more capacity, but not big changes.Heating oil is however the more affected with an increase in price because it has more substitutes such as gas, paraffin, etc. The response is more elastic, so the demand will decrease in the short run a little and considerably in the long run. Because a lot of persons will change their stoves for the ones that have a cheaper fuel. Also and important factor that affect the demand is the season when the increase will take in. Because if it occurs in summer season the demand will not varies in the short term, (no demand is taking part) and gives time to the users to change their equipment reducing dramatically the demand for it in winter. But if occur during winter until its end the demand will stay nearly the same and during the next season changes and adjustments will be make. Because heating oil is a necessity only when temperatures are...

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