12.6.5 Fuel And Lubricant Cost Of Representative Vehicles
Crude oil prices have significantly increased from 2004 and such strong increase in relative prices must be reflected in adjusted 2005 prices for petroleum-based products that are fuel and lubricants. Fuel cost account for the overwhelming share in VOC structures as shown in Table 12.9 and it is, therefore, insufficient to advance prices from the year 2004 to the year 2005 by simply applying the official CPI figure. 2005 retail prices were surveyed and then adjusted to 2005 economic price levels, using the formula that reflects retail price determination, including taxes, levies and inherent subsidies . Table 12.10 identifies the year 2004 and 2005 retail prices and the conversion factor used to adjust 2005 financial prices to 2005 economic price levels.