Prices Of Petroleum Products Research Articles

IMPROVING EFFICIENCY OF ELECTRICAL EQUIPMENT FOR ROAD TRANSPORT

This paper presents the reasons for the increased level of automobile accumulators are given, the design of the start-charging device of increased reliability is considered. The most damaged nodes of the system of electrical equipment of motor vehicles are listed, the differentiation of elements from the standpoint of their structural reliability is shown, ways of increasing the reliability of the elements of the electrical equipment system are determined. It is shown that the main reasons for finding optimal modes of operation of vehicles electrical equipment are the economic factor, the impact on the environment, the need to reduce the dependence on the constant rise in price of petroleum products. Car lead acid batteries are starter batteries, that is, they do not involve deep discharge. As a result of the deep discharge of the battery on its plates, the phenomenon of sulfitation and shedding of the active mass. The longer the battery is discharged, the more active it becomes and the starter current decreases. Therefore, the issue of regular recharging of the battery and guaranteed starting of the internal combustion engine with a discharged battery is urgent. It is established that the causes of rapid discharge of the battery or reduction of its capacity may be the deviation of the electrolyte density from the recommended value, the sulfation of the plates and the shedding of their active mass, malfunction of the vehicle electrical equipment. Most serial chargers are not designed for starting a car engine, and specially designed models have a high price. The complexity and considerable volume of work on researching and predicting the reliability of the car electrical system requires the efforts of specialists, as well as the coordination and coordination of their activities by developing methodological recommendations first to address partial and then general issues of the problem. It is shown that quantitative indicators of the reliability of each element included in the system are of great importance when addressing issues related to the organization of maintenance, the establishment of overhaul terms and repair volumes of the car electrical system. The developed charger will reduce the time spent on starting the car engine during the cold period, as well as significantly increase the battery life due to its full charge.

A comprehensive study on the effect of thermal barrier on diesel engine efficiency

‘High Efficiency’, is the most important, desired and expected parameter from all the industrial products. Particularly due to the increase in the price of petroleum products, the efficiency of an engine is considered as a major factor for a product to become successful in the market. So, with this as our main concern, we, in our proposal, have come up with a new idea of increasing the efficiency of an engine without modifying much of its manufacturing process. The main concept, which forms a base for our proposal, is ‘efficiency of any system is inversely proportional to the losses in that system’. So, in our proposal we are going to increase the efficiency of an engine by minimising the losses in the engine.

Impact of Storage Time, Rain and Quality of Molasses in the Production of Bioethanol

Due to environmental concerns and the rising prices of petroleum products, usually bio-ethanol is being produced in greater amount from sugar cane molasses in Pakistan. In this work various properties related to molasses are being analyzed by performing experiments at the Distillery Plant, AASML (AlAbbas Sugar Mills Limited), Mirpurkhas, Sindh, Pakistan. Brix, Sucrose, pH, ethyl alcohol, RS (Reducing Sugar), TSI (Total Sugar as an Invert), TS (Total Sugar), purity and presence of micro-organisms are scrutinized. In addition, the effects of quality parameters of pre-fermentation and fermentation for ethyl alcohol production, time impact on stored molasses and consequences of rain on quality of molasses are studied. It was observed from the study that good quality molasses which is the raw material for alcohol production should be used in fermentation process. Molasses must be stored in steel tanks to prevent it from contamination and loss of fermentable sugars. The prefermenters need to steam sterilized, cleaned and washed before inoculation of yeast cells so that the yeast grows healthy to produce maximum ethyl alcohol in fermenters. The water used for hydrolysis of molasses in fermentation should be clean, filtered and good quality nutrients must be used for the growth of yeasts. Finally, efficiency and yield are calculated and t-test has been performed to depict a direct relationship of the fermentable sugar with efficiency.

Grid Connected-Photovoltaic System (GC-PVS): Issues and Challenges

Smart grid is the key technology for an effective utilization of the Renewable Energy Sources (RES). The utilization of RES for the generation of electricity is increasingly gaining interest of researchers during the last decades. The main reason behind this is global incentivization, the increasing price of petroleum products, climate issues and deregulations in the energy market. As the Government of India, (MNRE i.e. Ministry of New & Renewable Energy) is targeting to generate 20000 MW power through grid-connected solar PVS by the year 2022 therefore, the main focus in this paper has been presented on power generation through grid-connected PVS. The emerging smart grid technology has enabled the grid-connected PVS as an evolving process in today’s world for electrical power generation. However, apart from so many advantages, there are several issues and challenges associated with the integration of PVS to the electric utility grid hence, the investigation to find out available possible solutions to overcome these issues becomes essential in order to enhance the performance of grid-connected PVS. The most severe constraint associated with this emerging technology is it high penetration level. If during low load conditions there is some mismatch found between the real power output and the load profile characteristics of PVS then it may result into large reverse power flow, high power losses or severe voltage violation. In this paper, several issues and challenges associated with the integration of solar PVS with the electric utility grid are presented.

Test for volatility spillover effects in Japan’s oil futures markets by a realized variance approach

Purpose The purpose of this paper is twofold. First, the paper examines the risk transmission between crude oil and petroleum product prices of Japan’s oil futures market. Second, it compares the performance of two tests for Granger causality using realized variance (RV) and the exponential generalized autoregressive conditional heteroscedasticity (EGARCH) model. Design/methodology/approach The author measures the daily RV of crude oil, kerosene and gasoline futures listed on the Tokyo Commodity Exchange using high-frequency data, and he examines the Granger causality in variance between these variables using the vector autoregression model. Further, the author estimates the EGARCH model based on daily data and test for Granger causality in variance between commodity futures using Hong’s (2001) approach. Findings The results of the RV approach reveal that the hypothesis on the existence of a mutual volatility spillover between crude oil and petroleum product markets is accepted. However, the results of the conventional approach indicate that all the hypotheses on Granger causalities in variance are rejected. The methodology based on intraday high-frequency data exhibits higher power than the conventional approach based on daily data. Originality/value This is the first paper to investigate Japan’s oil market using RV. The authors conclude that the approach based on RV is universally adoptable when testing for Granger causality in variance.

The effects of petroleum product price regulation on macroeconomic stability in China

China has undertaken measures to regulate the prices of petroleum products since 1998 in order to deal with the world oil price shocks on its macro-economy. However, the effects of price regulation are yet unknown, especially when the world oil price fluctuates in different regimes. The study first analyses the mechanisms of petroleum product price (PPP) regulation (in the case of gasoline) and the crude oil-gasoline price fluctuation transmission, followed by the identification of regimes and their time intervals using regime-switching vector autoregressive model, and then estimates the effects of gasoline price regulation in reducing macroeconomic volatility. It is found that the world crude oil fluctuates in different regimes (the mild-fluctuation regime and the violent-fluctuation regime), the PPP regulation can reduce oil price volatility and then macroeconomic volatility, but it is more effective in the mild-fluctuation regime. The findings present a deeper understanding of the stabilization effect of PPP regulation on the macroeconomy, provide an evidence for sustaining China's PPP regulation for the purpose of macroeconomic stability, and offer policymakers new information for petroleum product pricing reforms.

Aid, Growth, Remittances and Carbon Emissions in Nepal

Using historical data from Nepal—one of the largest recipients of aid among South Asian countries—this paper investigates the link between foreign aid, growth, remittances and carbon dioxide (CO2) emissions. The investigation of this issue is particularly important, as policy makers in the least developed countries are increasingly concerned about growing reliance on energy imports, particularly fossil fuels, and increasing CO2 emissions. Mounting energy consumption has not only made their economies vulnerable to environmental disasters and increased health costs, but also to external shocks due to frequent fluctuations in international market prices for petroleum products. Since available studies are largely based on cross-sectional data—which lump together countries with different characteristics— empirical evidence is contradictory. In-depth case studies of countries with different backgrounds would certainly provide better insights into the link between aid, growth, remittances and CO2 emissions, and contribute to ongoing policy dialogue. Our empirical results, based on an in-depth case study of Nepal, suggest that more foreign aid and remittances reduce CO2 emissions, whereas financial development and higher income increase CO2 emissions. These findings point to the importance of market mechanisms for regulating financial development and higher income to control CO2 emissions, without undermining competitiveness.

Multiagent model of prices dispersion on the retail market of petroleum products

In this study a multiagent model of behaviour of the dispersion of retail prices for petroleum products has been developed, depending on changes of external factors, in particular, sharp changes in wholesale prices. Therefore, there is a need for a model that would not only have the potential to test the existence of a price dispersion as a consequence of the specifics of competition in the market of petroleum products and consumer search strategies, but would have the ability to quantify the price variance as a consequence of the behaviour of individual market agents. The basis of the behaviour of market agents of this model is algorithms of price oligopolistic competition from traders and user price search strategies. Calibration models and verification of historical data of the Kyiv region, where they were previously established empirical data on the dispersion of prices showed a fairly good correspondence between the model and the actual data. In particular, the existence of a price pattern has been established at jump-like changes of wholesale prices. The presence of price strategy of buyers, which are based on the strategy of the base price, is shown. The coincidence of model and real data still needs to be improved.

Scenario Based Two-Stage Stochastic Programming Approach for the Midterm Production Planning of Oil Refinery

Recently, oil refining industry is facing with lower profit margin due to uncertainty. This causes oil refinery to include stochastic optimization in making a decision to maximize the profit. In the past, deterministic linear programming approach is widely used in oil refinery optimization problems. However, due to volatility and unpredictability of oil prices in the past ten years, deterministic model might not be able to predict the reality of the situation as it does not take into account the uncertainties thus, leads to non-optimal solution. Therefore, this study will develop two-stage stochastic linear programming for the midterm production planning of oil refinery to handle oil price volatility. Geometric Brownian motion (GBM) is used to describe uncertainties in crude oil price, petroleum product prices, and demand for petroleum products. This model generates the future realization of the price and demands with scenario tree based on the statistical specification of GBM using method of moment as input to the stochastic programming. The model developed in this paper was tested for Malaysia oil refinery data. The result of stochastic approach indicates that the model gives better prediction of profit margin.

A techno-economic evaluation of bio-oil co-processing within a petroleum refinery

The high oxygen content of bio-oil still impedes its direct use as a transportation fuel. The vast experience of the petroleum refinery industry in fuel upgrading, however, provides an incentive to explore co-processing options. In this study, the techno-economic evaluation of co-processing of raw and hydrodeoxegenated (HDO) bio-oil, along with the long residue in a fluid catalytic cracking (FCC) unit in a petroleum refinery, has been examined. A holistic software model has been developed in Microsoft Excel of a petroleum refinery along with a biomass pyrolysis plant. The economic impact on the Net Present Value (NPV), relative to a base case, is presented in addition to a sensitivity analysis of key parameters. The impacts of changes in crude oil prices, refinery capacity, biomass plant capacity and bio-oil yield are examined. It is clear from the results that co-processing is highly sensitive to changes in prices of crude oil and petroleum products. Co-processing is shown to be economically attractive at crude oil prices of 60$/bbl for raw bio-oil and above 120$/bbl for HDO bio-oil. Though the co-processing option is favorable to bio-oil producers, technological advancements are still required in order to improve the quality of the bio-oil produced.

The Relationship between the Price of Crude Oil and Retail Petroleum Products

The Relationship between the Price of Crude Oil and Retail Petroleum Products

A Review on Biodiesel Production through Heterogeneous Catalysis Route

AbstractDepletion of oil reserves, increasing prices of petroleum products, and environmental concerns related to air pollution are the main driving forces for utilizing renewable energy resources to replace fossil fuels. Vegetable oils can be used to produce biodiesel. Biodiesel is obtained by transesterification of vegetable oil with alcohol using homogeneous or heterogeneous catalysts. In the industry, biodiesel is produced by heterogeneous catalysts due to high activity and selectivity, better reusability, reduction in processing steps, and wastes. The catalytic activity of catalysts depends on the strength and type of intrinsic basic or/and acid properties. Biodiesel production using heterogenous catalysts depends on the various reaction parameters such as reaction time, temperature, molar ratio of alcohol to oil, catalyst amount, and stirring speed. In this paper, the catalytic transesterification of various feedstocks such as edible oil, non‐edible oil, and waste using heterogeneous catalysts has been reviewed and optimization parameters for maximum biodiesel production have been summarized.

A multi-resolution and multivariate analysis of the dynamic relationships between crude oil and petroleum-product prices

This paper proposes the use of a novel multivariate, dynamic approach – wavelet local multiple correlation (WLMC) (Fernández-Macho, 2018) – to analyse the relationship between oil time series in the time-scale domain. This approach is suitable for use with energy data of any kind that change over time and involve heterogeneous agents who make decisions across different time horizons and operate on different time scales. The study of the links between multivariate oil time series is of great importance in energy research, e.g., it is extremely important for petroleum industry refiners and investors to know the relationships and margins between output prices and crude oil costs. The estimation of wavelet correlations in a multivariate framework between such prices is a suitable way to analyse crude oil and petroleum products as a system. To exemplify the use of WLMC, we analyse the relationships between the prices of seven commodities: West Texas Intermediate crude oil and six distilled products (conventional gasoline, regular gasoline, heating oil, diesel fuel, kerosene and propane) from 10/06/2006 to 17/01/2017. The results reveal that the wavelet correlations are strong throughout the period studied and there is a strong decay in correlation values from 2013 to 2015. The most plausible explanation for this decay is overproduction of tight oil in the U.S. and a slowdown in global demand for oil. Furthermore, our results also reveal that heating oil, diesel and kerosene maximise the multiple correlation with respect to the other oil variables on different scales, indicating that these products are the most dependent variables in the crude-product/price system. WLMC offers new opportunities for applications in energy research and other fields.

Analysis of the oil and petroleum market in Ukraine

Abstract. Today, the issues of oil and petroleum products are very important both in the theoretical and practical aspects. Of particular importance is the issue of completeness and compliance with the current market conditions of the existing in Ukraine order of formation of prices for petroleum domestic production. The article analyzes the current state of the oil market in Ukraine. The dynamics of average prices for petroleum products in Ukraine is investigated. The dynamics of prices for petroleum products in Europe is analyzed. The tendencies of oil extraction in Ukraine are investigated and their steady decline in recent years has been determined. As a result of the analysis of the national market of crude oil, it was determined that: the tendency of crude oil trade in the Ukrainian market has been caused by the reduction of oil processing volumes, which, in turn, is caused by the exclusion from the domestic market of domestic fuel imports; the main reason for the unsatisfactory competitiveness of domestic motor fuel is its quality, which does not meet the requirements of modern standards and the price not corresponding to it; low quality motor fuel of domestic production is determined by the prevailing use for its production of low-quality (high-sulfur) import (Russian) oil; in general, the competitiveness of the domestic oil refining industry is considered low. Keywords . Oil, petroleum products, price, import, esport, market, dynamics.

IMPACT OF PETROLEUM PRODUCT PRICE ON HUMAN WELFARE IN NIGERIA

The single most important issue confronting a growing number of world economies today is the price of oil and its attendant consequences on economic output. Therefore the study investigated the impact of petroleum pump price on human welfare in Nigeria over the period 1990 to 2015. The study employed expost facto research design. Secondary time series data were used for the study and these were sourced from World Development Indicator (WDI, 2015) and Central Bank of Nigeria statistical bulletin, (CBN, 2015). The data collected were analyzed using autoregressive distributed lag. The inferences were drown at 1% and 5% significance level. The result showed that premium motor spirit price and dual purpose kerosene price exert a long-run negative and significant impact on human welfare in Nigeria (β = -0.15299, t = -5.31141 and β = -0.471399, t = -1.8838 respectively) while premium motor spirit price, dual purpose kerosene price and inflation rate exert a short-run negative and significant impact on human welfare in Nigeria (β = -0.71735, t= -4.3766; β = -0.62562, t = -2.9188 and β = -0.050310, t = -2.1829 respectively). The study concluded that as premium motor spirit price and dual purpose kerosene price and inflation rate increases, human welfare will fall and vice versa. Therefore for human welfare to increase, there must be a fall in premium motor spirit price and dual purpose kerosene price and inflation rate in Nigeria. The study recommended that Government and it agencies should ensure that petroleum pump prices should be regulated because they have a long way on the market. An increase in the price of petroleum products will lead to market failure because most products use either of these products. Since inflation rate worsen the welfare of people, the policy maker should find a way of control inflation in the system so that the welfare of the people will improve (better-off).

Forecasting Petroleum Product Prices In the Philippines

Objectives: Petroleum oil prices are determined by many factors and have a big impact on the global environment and economy. This study aims to forecast the Petroleum oil prices for 2013 to 2016. Methods/Statistical Analysis: The Premium Gasoline Price is forecasted using the factors: Crude Oil Prices in Dubai, Foreign Exchange, and Consumer Price Index; the Unleaded Gasoline Price is forecasted using the factors: Crude Oil Prices in Dubai, and Consumer Price Index; the Regular Gasoline is forecasted using the factors: Crude Oil Prices in Dubai, Consumer Price Index, and Producer Price Index; the AV Turbo is forecasted using the factors: Crude Oil Prices in Dubai, Consumer Price Index, and Inflation Rate; the Kerosene is forecasted using the factors: Crude Oil Prices in Dubai, Consumer Price Index, and Inflation Rate; the Diesel Oil is forecasted using the factors: Crude Oil Prices in Dubai, and Inflation Rate; the Fuel Oil is forecasted using the factors: Crude Oil Prices in Dubai, Inflation Rate, and Purchasing Power of Peso. The researchers used the monthly data of the variables starting from January 2001 to December 2012, which were gathered from Bangko Sentral ng Pilipinas, Index Mundi and Department of Energy. In forecasting the dependent variable, the researchers used the Multiple Linear Regression. Findings: Findings reveals that the six independent variables such as Crude Oil Price, Inflation Rate, Purchasing Power of Peso, Consumer Price Index, Producer Price Index, and Foreign Exchange have a significant relationship with each petroleum product prices. Application/Improvements: This paper will help the government in monitoring the Petroleum Products Prices. Keywords: Bangko Sentral ng Pilipinas, Dubai Crude Oil, Forecasting, Multiple Linear Regressions, Petroleum Oil Prices

Estimating the Efficiency and Impacts of Petroleum Product Pricing Reforms in China

The efficiency and effects analysis of a new pricing mechanism would have significant policy implications for the further design of a pricing mechanism in an emerging market. Unlike most of the existing literature, which focuses on the impacts to the macro-economy, this paper firstly uses an econometrics model to discuss the efficiency of the new pricing mechanism, and then establishes an augmented Phillips curve to estimate the impact of pricing reform on inflation in China. The results show that: (1) the new pricing mechanism would strengthen the linkage between Chinese oil prices and international oil prices; (2) oil price adjustments are still inadequate in China. (3) The lag in inflation is the most important factor that affects inflation, while the impact of the Chinese government’s price adjustments on inflation is limited and insignificant. In order to improve the efficiency of the petroleum products pricing mechanism and shorten lags, government should shorten the adjustment period and diminish the fluctuation threshold.

TRENDS OF DEVELOPMENT OF THE INTERNATIONAL MARKET OF TOURIST SERVICES

This article contains a detailed statistical analysis of the development of the international tourism market. It was considered the period after the end of the Second World War (the starting point, which gave impetus to the rapid development of the industry as a global phenomenon) to the present day. At the same time, the main attention was paid to the last twenty years of the functioning of the tourism and hospitality industry. At the same time, the main attention was paid to the last twenty years of the functioning of the tourism and hospitality industry. In the course of the analysis, various factors that significantly influenced the development of the international market for tourist services were identified: climate change, natural disasters, currency fluctuations, changes in prices for petroleum products, political and military conflicts, terrorism, epidemics of dangerous viral and infectious diseases, financial and economic crises and a number of other factors. It was noted that most of the above factors have a direct impact on the development of the international market of tourist services. However, all these factors are inherently exogenous, that is, they are not directly related to tourism, but have a significant impact on it. The article notes the process of becoming popular tourist destinations, analyzes the trends of modern tourist flows, and studies the patterns of their formation. As a result, the conclusion was made that the presence of the Russian Federation in the international market of tourist services is inadequate, as well as the need to make certain decisions in this area.

METHODOLOGICAL APPROACH TO PREDICTING PRODUCER PRICES FOR PETROLEUM PRODUCTS

Urgency of the research. Every day, scientists solve problems in economics. To find, which action leads to the expected result with the smallest losses and risks, it’s necessary to predict the further development of events. Target setting. The most widespread problem is the allocation of resources. To make proper calculations and right decisions of distribution, the science of economic theory exists. Actual scientific researches and issues analysis. The studies of Khaikin S. and Callan R. are the most famous among the studies of foreign authors. Yakhyaeva G. E. investigated the theory of neural networks. Matviychuk A. V. suggested a methodical approach to forecasting financial time series with the use of neural networks. Uninvestigated parts of general matters defining. At the moment about 200 methods of estimation are being used, but in practice only a few of them are used. The research objective. The study of each criterion takes a lot of time on preparation of data for the study and careful verification of the original data. For this, it is necessary to choose the correct methodology for developing a forecast to identify the problems to be solved. The statement of basic materials. In this article, the stages of research and prediction are considered of wholesale prices for petroleum products, a methodological approach is proposed in order to evaluate the accuracy of forecasting using neural networks, based on an algorithm with linear partial descriptions of the method of group accounting of the argument. Conclusions. The proposed methodological approach to estimating the accuracy of forecasting using neural networks shows that neural networks allow us to obtain reliable predictions. However, the data on which the training took place had a high degree of similarity among itself, therefore the proposed methodological approach on the one hand does not pretend to be "universal" in forecasting for different sectors of the Ukrainian economy, since different industries have their own characteristics. On the other hand, it can become universal and will allow us to obtain reliable forecasts when taking into account modern features of the development of the Ukrainian economy.

A Review of the Evidence on the Relation Between Crude Oil Prices and Petroleum Product Prices

We review a large body of the empirical literature focusing on the relation between petroleum product prices and oil prices and discuss the evidence on the direction of causality between crude oil prices and petroleum product prices. In addition, we survey the literature on the much-debated question of whether petroleum product prices respond differently to increases versus decreases in oil prices, which Bacon (1991) labeled the “rockets and feathers” phenomenon.