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Appling Grey Relational Grade to Study the 92 Unleaded Gasoline’s Price in Four Asian Countries
Author： Yuan-Chieh Chin, Yung-Hui Lee and Chi-Chng Chou
Keyword： International crude oil prices， Rational income， 92 unleaded petrol， Grey relation analysis， Reasonable prices
Summary： In recent years, the prices of international crude oilremain high. For Taiwan, which does not produce oil,high oil prices have led to economic impacts andinflation. Plus, Taiwan has entered a period of summerelectricity price now, and this result in the pressure ofthe rising prices of livelihood goods. Hence, whether theprices of domestic oil are reasonable or not has becomea heated discussion topic among the media and residents.Therefore, the paper proposes to use the grey relationalanalysis method to compare the oil prices in Taiwan’sneighboring countries and then discuss if the oil pricesin Taiwan are reasonable. First, the paper uses 92unleaded petrol, the oil prices in Taiwan and itsneighboring countries in 2008, international crude oilprices and national income to do grey relational analysis.By doing this, the rationalization of the price of 92unleaded petrol is discussed. The obtained results showthat our oil prices are slightly higher than Japan andSingapore, but there isn’t a big difference. However,while comparing the prices with Korea, our oil pricesare much higher. After the analysis, it is understood thatthere is decline space for Taiwan’s oil prices. When theoil prices have declined, people’s discontent withinflation can be reduced and the domestic economy canbe stabilized.
Journal of Grey System(Volume 16)