Berument, HakanSahin, A.Sahin, S.2015-07-282015-07-2820140264-9993http://hdl.handle.net/11693/12511This paper provides a set of empirical evidence from five Northern Mediterranean countries that are subject to similar refinery reference prices regarding the relative sensitivity of crude oil prices and exchange rate on (pre-tax) petroleum product prices. The empirical evidence reveals that a one percent increase in exchange rate (depreciation) increases petroleum product prices less than a one percent increase in crude oil prices does in the long run. In the short run, however, a one percent increase in exchange rate increases petroleum product prices more than a one percent increase in crude oil prices does. © 2014 Elsevier B.V. All rights reserved.EnglishOil PricesExchange RatesAsymmetryArticle10.1016/j.econmod.2014.07.0191873-6122