3 dimensions of fuel pricing Political steps and principles of setting effective fuel pricing mechanisms

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1 3 dimensions of fuel pricing Political steps and principles of setting effective fuel pricing mechanisms Level of Prices Regulation of Prices Transparency of Prices Seite 1

2 About Us - GTZ The Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ) GmbH German Technical Cooperation is an international cooperation enterprise for sustainable development with worldwide operations. It provides viable, forward-looking solutions for political, economic, ecological and social development in a globalised world. Established in 1975 by the Government of the Federal Republic of Germany Legal status: private limited company under German law (GmbH) with public benefit and non-profit orientation. As a private company, it can offer its clients competitive, needs-driven and target-oriented services; yet its government ownership guarantees its soundness and integrity. Over 13, employees worldwide. Turnover appro 1 Billion Euro Seite 2 Page 2

3 Background International Fuel Prices Since 1991 GTZ has carried out regular worldwide Fuel Price Surveys. One of its goals is to provide a worldwide comparison of retail prices as a vehicle for highlighting energy price policies in developing countries. Currently, data are available for 17 countries for Diesel and Gasoline based on survey in Mid- November 28 Part of World Bank Indicator Set (World Development Indicators, World Road Statistics, ) 28 Survey available on: Seite 3 Page 3

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5 3 Key Issues Price Level Price Composition Price Changes Seite 5

6 Benchmark lines Example: Super Gasoline Tanzania Very high fuel taxation EU minimum level Fuel taxation Fuel subsidies Very high fuel subsidies US retail price level Crude oil price ("Brent ) External Costs Road Maintenance Crude Oil / Transport / Refinery VAT / General Revenues Seite 6 Page 6

7 Level of Prices: Principles 1. Principle 1: Cover Production/Transport/Refinery Costs. Fuel prices shall cover the full costs of production/import, transport and refining including depreciation and external costs of production (e.g. environmental costs) 2. Principle 2: Fuel taxes help finance the transport sector. Fuel taxes shall contribute to sustainable development of the transport sector Road maintenance financing (rule of thumb: minimum of US 1 cents for road maintenance, including 2 % for rural roads). 3. Principle 3: Internalisation of external costs and incentives for of energyefficient transport. Directly related to fuel consumption and CO2 emissions. Proxy for other social costs (like accidents (cf. road safety cent, congestion, etc.). Eco-Tax. 4. Principle 4: Important contribution to general budget revenues. Major contribution towards financing core state functions such as the health services, education and security. As fuel taxes are easy to collect they are a major source of revenue in many countries. Subject to full VAT as any other good Page Seite 7

8 US-cents / gallon RSA-cents / litre CFA Franc / Liter Pricing mechanisms 9 8 Pricing concepts: Ad-hoc pricing (incl countries with constant prices) Automatic adjustments / regular adjustments based on formulae Nov 7 Dez 7 Jan 8 Feb 8 Mrz 8 Apr 8 Mai 8 Jun 8 Jul 8 Aug 8 Sep 8 Okt 8 Nov 8 Liberalized markets 12 1 Objectives: Increased acceptance Lower fiscal implications Lower political involvement and risks Increased energy security by appropriate fuel pricing mechanisms Nov 7 Dec 7 Jan 8 Feb 8 Mar 8 Apr 8 May 8 Jun 8 Jul 8 Aug 8 Sep 8 Oct Seite 8 Page 8

9 CFA Franc / Liter RSA-cents / litre US-cents / gallon Regulation of Prices vs vs Nov 7 Dez 7 Jan 8 Feb 8 Mrz 8 Apr 8 Mai 8 Jun 8 Jul 8 Aug 8 Sep 8 Okt 8 Nov 8 Nov 7 Dec 7 Jan 8 Feb 8 Mar 8 Apr 8 May 8 Jun 8 Jul 8 Aug 8 Sep 8 Oct 8 Ad-hoc pricing is usually associated with delayed and/or partial passthrough Political vulnerability Low High Political interference High Fiscal implications High Automatic formulae are usually associated with delayed but in longterm full pass-through Temporary price shocks Permanent price shocks Permanent price shocks Liberalized concepts provide full pass through with minor delays Medium Low Low Low In face of a permanent price shock, the transition from ad-hoc pricing to automatic mechanisms is politically very costly as huge steps are needed to adjust to international price levels as well as previously accumulated fiscal burdens are substantial Seite 9 Page 9

10 Regulation of Prices: Principles 1. Principle 1: Reflect Changes of Production/Transport/Refinery Costs. Fuel prices adjustments shall fully reflect changes of production/import, transport and refinery costs including depreciation and external costs of production (e.g. environmental costs) 2. Principle 2: Allow for inflationary adjustment Fuel price adjustments shall allow for adjustment of inflationary tendencies 3. Principle 3: Limit budgetary consequences Fuel price adjustements shall limit bugdetary impact and indicate clear Page Seite 1

11 US -Dollar/litre US - Dollar / litre Transparency 1.2 India/ New Delhi Sales Tax 1.2 US average May Saudi Arabia Education Cess Excise tax/cenvat Balance (Crude oil, margins, refinery) Crude+ refinery+ margins Tax Margins Refinery Crude Oil ? Transparency Seite 11 Page 11

12 Transparency Price with Subsidies Price without Subsidies Accessible Information Seite 12 Page 12

13 Transparency of Prices: Principles 1. Principle 1: Institutional stakeholders in price setting are disclosed Provide information on institutional stakeholders involved in determination of prices levels and elaboration of price adjustments 2. Principle 2: Principles of price setting are disclosed Provide information on determinants for pricing, on frequency of updates and the underlying formula if automatic mechanisms are applied. 3. Principle 3: Information on price composition are disclosed Publish information on taxation levels and composition of fuel prices 4. Principle 4: Information on prices an price setting are made public in an easy-to-access, comprehensible and accountable manner Information shall be displayed on the Web including: Actual price data for all fuel products; Timelines of prices; price components (production and/or import prices, taxation levels, and other charges); Explanation of structure and modus operandi of pricing mechanisms (if applied); Underlying legislation Page Seite 13

14 CFA Franc / Liter RSA-cents / litre US-cents / gallon Fuel Price&Regulation Map Very high fuel taxation Monitoring / Information Fuel taxation Fuel subsidies Transparency / Targeting Very high fuel subsidies Nov 7 Dez 7 Jan 8 Feb 8 Mrz 8 Apr 8 Mai 8 Jun 8 Jul 8 Aug 8 Sep 8 Okt 8 Nov 8 Nov 7 Dec 7 Jan 8 Feb 8 Mar 8 Apr 8 May 8 Jun 8 Jul 8 Aug 8 Sep 8 Oct Seite 14 Page 14

15 CFA Franc / Liter RSA-cents / litre 3 Key Messages Nov 7 Dez 7 Jan 8 Feb 8 Mrz 8 Apr 8 Mai 8 Jun 8 Jul 8 Aug 8 Sep 8 Okt 8 Nov 8 Nov 7 Dec 7 Jan 8 Feb 8 Mar 8 Apr 8 May 8 Jun 8 Jul 8 Aug 8 Sep 8 Oct 8 Introduce sensible regulatory approach To Reflect Market Forces (Global Demand vs Global Supply) Acceptance ; Continous Adaptation of Patterns External Costs 2 Road Maintenance VAT / General Revenues Crude Oil / Transport / Refinery Introduce (earmarked) taxes and duties: internal infrastructure costs, external costs, VAT Acceptance ; Accountability Seite 15 Page 15

16 3 Key Messages? 3 Crude Oil / Transport / Refinery Increase transparency Acceptance ; Accountability 3-level approach with improved regulation, higher transparency and targeted introduction of taxes can help to reduce subsidies and / or increase sustainability Seite 16 Page 16

17 Tomorrow: Next Months: NEXT SURVEY: November Seite 17 Page 17

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