如何（不）为燃料产品定价

This page intentionally left blank HOW-TO NOTE How (Not) to Price Fuel Products Delphine Prady, Julieth Pico-Mejia, Jean-François Wen, andGrégoire Rota-Graziosi How (Not) to Price Fuel Products Delphine Prady, Julieth Pico-Mejia,GrégoireRota-Graziosi, and Jean-FrançoisHTN/2026/03 DISCLAIMER: How-To Notes offer practical advice from IMF staff members to policymakers on important issues.The views expressed in How-To Notes are those of the author(s) and do not necessarily represent Abstract: Half of all countries in the world regulate fuel prices through various forms of interventions in priceformulas. These interventions pursue a range of social, political, and economic objectives, includingprotecting consumers from price volatility or promoting domestic industries. However, they rarelyachieve their objectives and often have unintended and costly consequences. This How-to-Note providesguidance on the structure and components of fuel price formulas, what practices should be avoided, andwhy. Policymakers should prioritize transparency, alignment with international market prices, simplicity, Recommended Citation: Prady, Delphine, Julieth Pico-Mejia, Grégoire Rota-Graziosi, and Jean-François Wen. 2026. “How (Not) toPrice Fuel Products.” IMF How-To Note 2026/03, International Monetary Fund, Washington, DC. ISBNs: 979-8-229-03705-1 (paper)979-8-229-03728-0 (ePub)979-8-229-03711-2 (web PDF) Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesPO Box 92780Washington, DC 20090, USA Contents Introduction1 Components of the Prices of Fuel Products Different Fuel Price Interventions, Tradeoffs, and Fiscal RisksPrice Intervention at Product AvailabilityPrice Intervention at Product AccessPrice Intervention at Product Sale The Dos and Don’ts When Setting Up Fuel Price StructuresPrinciple 1. TransparencyPrinciple 2. Anchoring Domestic Prices to International Reference PricesPrinciple 3. SimplicityPrinciple 4. Consistency 17 References This page intentionally left blank Introduction Fuel products are fundamental inputs in modern economies.1They account for 25 percent of global energysupply and are essential for production, transportation, trade, power generation, and the functioning ofcritical infrastructure. Fluctuations in their prices have significant macroeconomic implications, shapinginflation dynamics, competitiveness, and overall macroeconomic stability. They also have substantial fiscal The pricing of fuel products should ideally rely on liberalized energy markets, supported by taxation thatfully internalizes environmental, health and other negative externalities (Black and others 2023). Fuel pricesthat do not adequately reflect supply costs and environmental impacts generate fiscal risks and liabilitiesand weaken environmental policy objectives. Countries should therefore allow price signals to operatethrough market–based pricing and add all externalities associated with fuel use. Efficient fuel prices can This note focuses on improving fuel pricing practices without attempting to incorporate all environmentalexternalities or quantifying fuel subsidies. Half of all countries in the world regulate fuel prices throughvarious forms of interventions in price formulas. These regulations typically involve administratively setprices across multiple components of numerous pricing structures, resulting in significant complexity andlimited transparency. Although such practices are more common in low–income developing countries, fuel Governments intervene in fuel pricing to pursue a range of social, political, and economic objectives. Theseinclude protecting consumers from price volatility and maintaining affordability, securing fiscal revenues,ensuring reliable supply in low-income developing countries, limiting rent-seeking, and pursuing political 1This note covers all refined fuel products that are widely consumed across countries and whose prices are determinedon international markets (that is, gasoline, diesel, kerosene, fuel oils, jet fuels, and naphtha) and does not cover naturalgas, liquefied petroleum gas, and coal. This note provides guidance on the structure and components of fuel price formulas, what pricing practicesshould be avoided, and why. The note starts by detailing the key components of a reference fuel price. Thisprice reflects the full cost of supplying fuel in a liberalized market and includes all taxes applied in a givencountry.This reference price excludes discretionary policy interventions, such as noncompetitiveregulationof supply costs, special tax arrangements that would deviate from standard tax regimes (for example, Policymakers should prioritize transparency, alignment with international market prices, simplicity, andconsistency in fuel pricing.First, transparency requires regularly publishing all components of fuel priceformulas. Second, domestic fuel prices should reflect international market fluctuations. Po