MARKET LIBERALIZATION IMPACT ON OIL RETAIL PRICES IN NORTH MACEDONIA AND THE EX YU REGION

Abstract

Market liberalization is often regarded as a process of freeing the market from all types of monopolies, which should eventually increase the competition and provide better offer followed by lowers prices. In terms of oil economics, regulated oil retail prices are often regarded as contra productive for sustainable economic growth. Market liberalization contributes for countries not to depend on a single company in the import and sales of oil products and thus guarantees energy stability. Liberalization and oil retail prices are often interrelated and the effect of its interaction is usually the one affecting the prospects of the entire economy. This paper emphasizes the importance of market liberalization and its influence on oil retail prices. This paper is explicitly focused on the leading oil companies in North Macedonia and the Ex Yu region. The aim of this paper is to present the market liberalization process in the oil industry by analyzing the effect of market liberalization on oil retail prices. The research is concentrated on six leading oil companies, with particular focus on the oil retail prices. The research outcome revealed that full market liberalization is not always beneficial and might have different effect on country’s business economy and energy infrastructure.

Keywords

• market liberalization
• oil industry
• oil retail prices

KUZEY MAKEDONYA VE ESKİ YUGOSLAVYA BÖLGESİNDE, PETROL PİYASASININ LİBERALLEŞMESİNİN PETROL PERAKENDE FİYATLARI ÜZERİNDEKİ ETKİSİ

Öz

Piyasa liberalizasyonu genel olarak piyasayı her tür tekel piyasadan kurtarma süreci olarak kabul edilerek, rekabeti arttırmalı ve daha iyi teklif sunarak fiyatları düşürmelidir. Petrol ekonomisi açısından, düzenlenmiş petrol perakende fiyatları genellikle sürdürülebilir ekonomik büyüme için ters üretken olarak kabul edilmektedir. Piyasanın liberalleşmesi, ülkelerin petrol ürünlerinin ithalatında ve satışında tek bir şirkete bağlı kalmamasına katkıda bulunarak enerji istikrarını garanti altına alır. Liberalleşme ve petrol perakende fiyatları genellikle ters orantılıdır, ve bu orantı genellikle tüm ekonominin beklentilerini etkiler.Bu makale, piyasa liberalizasyonunun önemini ve bunun perakende petrol fiyatları üzerindeki etkisini vurgulamaktadır. Bu makale, piyasa liberalizasyonunun önemini ve bunun perakende petrol fiyatları üzerindeki etkisini vurgulamaktadır. Bu makale açıkça Kuzey Makedonya ve Eski Yugoslavya bölgesindeki önde gelen petrol şirketlerine odaklanmıştır. Bu makalenin amacı, petrol piyasası liberalizasyonunun perakende petrol fiyatları üzerindeki etkisini analiz ederek petrol endüstrisindeki piyasa liberalizasyon sürecini sunmaktır. Araştırma, özellikle petrol perakende fiyatlarına odaklanarak önde gelen altı petrol şirketi üzerinde yoğunlaşmıştır. Araştırma sonucu, tam piyasa liberalizasyonunun her zaman yararlı olmadığını ve ülkenin iş ekonomisi ve enerji alyapısı üzerinde farklı etkileri olabileceğini ortaya koydu.

Anahtar Kelimeler

• market liberalization
• oil industry
• oil retail prices

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