It's a subject of extensive discussion whether or not fuel prices on gas stations respond faster on an increase of oil price than on its decrease. Though this phenomenon is widely discussed in scientific literature, there's still no study focused on an asymmetric behavior of fuel prices on the Czech market. This diploma thesis fills the gap and explores the reaction of fuel prices in response to cost shocks in the environment of the Czech Republic. At the first section of thesis, there is described several economic theories explaining asymmetric reaction - especially the theories based on consumer behavior under the imperfect information assumption and the theory of tacit collusion according to which the price of previous period provides companies on oligopolistic market with a focal price for implicit cartel agreement. In the Empirical part of the thesis, I use an error correction model allowing asymmetric reaction to analyze if the retail fuel prices in the Czech Republic really react with different lag on positive and negative cost shocks. Based on several time series of gasoline and diesel prices, presence of asymmetric price reaction was proven between wholesale and retail level of supply chain.