Prices Of Petroleum Products Research Articles

Experimental investigation of camless air engine to improve performance by the novel controller and exhaust pressure predicting technique

In the face of the climate crisis, hike in prices of petroleum products, and limited gasoline sources, it is imperative to explore the possible opportunities in the field of energy transformation technology. Non-conventional and non-hazardous green fuel-air engine technology has proven to have a promising future in propulsion technology. In the air engine, the camless mechanism has created scope for research by replacement option of cam-follower with variable valve train (solenoid valve), which can be controlled electronically. In this paper, work is done on the operational parameters (i.e., cycle time, flow rate, and crank position) of camless air engines and proposed a controlling mechanism with experimental results to improve the system's efficiency. Control of intake duration maximizes the utilization of input compressed air power by allowing the optimum amount of air to expand fully. The novel controller was designed, developed, and tested, which controls the engine intake duration by estimating exhaust pressure. A prototype model was built with an electronic control circuit and pneumatic system, which records signals of operational parameters with the help of feedback sensors and controls the engine's intake duration at different operating pressure ranging from 3 to 6.5 bar. Experiments were conducted, and the results of two cycles were compared, case-I, where compressed air is continuously supplied from 0° to 170° of crank angle, and case-II controlled cycle, which controls intake duration by estimating exhaust pressure. Results show the average efficiency improvement of 11.91 % in case-II compared to case-I and also improvement in work done and RPM (Revolution per Minute) of the cycle. Thus, the control system in a camless air engine increases the feasibility of the air engine as one of the propulsion technologies in a city vehicle and even in the Compressed Air Energy Storage System (CAES).

A Study on Factors Affecting Petroleum Prices, and Pricing of Petroleum Products Under GST

A Study on Factors Affecting Petroleum Prices, and Pricing of Petroleum Products Under GST

Design Optimization Of PV And WTE Integration In Electricity Supply System For Mandalay Urban Area

Hybrid energy systems, which combine two or more energy systems, arebecoming increasingly popular due to the rise in petroleum productprices, growing CO2 emission awareness, and advancements in renewableenergy technologies. These systems are being adopted to meet the energyand electricity demands of decentralized networks. In Myanmar, someareas still face significant challenges in accessing grid-based electricitysupply. In such cases, the hybrid renewable microgrid systems offer abetter alternative by reducing dependency on diesel fuel and meetingenergy demands in an environmentally friendly manner. To enhance thereliability of these hybrid systems, renewable sources can be integratedwith diesel generators and utility grid. This integration allows hybridsystems to compensate for the intermittent nature of renewable energysources and achieve higher overall energy efficiency. One of the mainadvantages of hybrid systems is their potential for energy autonomy, asthey are not reliant on a single energy source. This paper introduces anovel approach for designing a grid connected hybrid system thatincorporates photovoltaic, and biomass especially the municipal solidwaste. The Hybrid optimization model for electrical renewable (HOMER)is a powerful optimization model that simplifies the evaluation of off-gridand grid-connected power system designs for various applications. In thispaper, the grid connected hybrid renewable energy system is designedand analyze for Mandalay region.

ATTEMPTS TO OVERCOME THE USSR'S LAG IN THE FIELD OF PETROCHEMISTRY IN THE SECOND HALF OF THE 1960S

The purpose of the publication is to investigate the problem of the evolution of the state industrial policy in the field of petrochemical development in the second half of the 1960s on the basis of declassified archival documents. It is proved that the country's leadership had all the data indicating both the significant role of petrochemistry in the economy of developed countries, the active growth of production volumes, and the significant lag of the Soviet Union in a number of areas. The data provided by Soviet diplomats and experts in this field accelerated the consideration of these issues in the Central Committee of the CPSU. The conclusion is formulated that measures were taken to overcome the backlog, but they proved insufficient and did not bring the expected results. Among the blocking factors are: the predominance of the interests of individual departments; planning miscalculations; lack of financing; low prices for oil and petroleum products, constraining the development and implementation of energy-saving technologies, economical power plants; wasteful consumption of raw materials, products of its processing; forcing the export of raw materials, including to the COMECON countries. It was often political motives that prevailed in this case, but not economic expediency.

Exploring the Relationship Between CO2 Emissions and Fuel Consumption in Road Transport: Empirical Evidence from Chad

Over the period 2008-2019, this study examines the linear impact of petroleum product (PP) consumption in Chad, PP prices, the vehicle fleet and urbanisation on CO2 emissions on the one hand, and on the other, it determines the causal links that exist between the various variables studied. This study opts for the augmented Dickey-Fuller and Phillips-Perron tests to verify the stationarity of the variables. The ARDL model is then estimated and diagnostic tests are performed to confirm the validity of the model. To confirm the existence of long-term relationships, the bounds test was applied. Finally, the Toda-Yamamoto causality test was used to capture the influences present between the series under study. The main results show that, in the long term, a 1% increase in gasoline consumption would lead to a 1.03% increase in CO2 emissions and the linear impact of diesel consumption is positive and insignificant on CO2 emissions. In the short term, gasoline and diesel consumption have a positive and insignificant impact on CO2 emissions. In terms of causality, there is a unidirectional causality from gasoline consumption to CO2 emissions and a bidirectional causality between CO2 emissions and diesel consumption. This study is the first to simultaneously link CO2 emissions, PP consumption, PP prices, the vehicle fleet and urbanisation in general, and particularly in the case of Chad. It therefore adds to the literature on the simultaneous relationship between CO2 emissions, PP consumption, the car fleet and urbanisation in a global and restricted context. This study could guide Chadian oil pollution management decision-makers in adopting policies related to the effects of PP consumption in the road transport sector.

The macroeconomic effect of petroleum product price regulation in alleviating the crude oil price volatility

The macroeconomic effect of petroleum product price regulation in alleviating the crude oil price volatility

Does Petroleum Products Pricing Stimulate Economic Growth in Nigeria? An Empirical Investigation Applying ARDL Approach

The rising prices of petroleum products and energy in Nigeria, coupled with a surge in poverty and a decline in living standards, necessitate an investigation into how the pricing of petroleum products has impacted Nigeria’s economic growth from 1990 – 2022. To achieve the purpose of the study, data on growth rate of gross domestic product, premium motor spirit price, automotive gas oil price, household kerosene price, compressed natural gas price and crude oil price were sourced from the World Bank and Petroleum Product Pricing and Regulatory Agency (PPPRA) and analysed by employing the Auto regressive Distributed lag (ARDL) method. Our results and findings revealed that: Prices of Premium Motor Spirit, automotive gas oil, dual purpose kerosene and crude oil were all negatively and marginally related to economic growth in the long run. Only price of compressed natural gas was positively but marginally related to economic growth. This implies that petroleum products prices had retarding effect on economic growth in Nigeria in the long run. In the short run, premium motor spirit and automotive gas oil had mixed effect on economic growth while price of household kerosene and price of crude oil were positively related to economic growth but price of compressed natural gas were negatively related to economic growth. Petroleum products prices proxied by prices of Premium Motor Spirit, Automotive Gas Oil, Household Kerosene, Compressed Natural Gas and Crude oil had less impact on economic growth in the long but had serious implications on economic growth in the short run in Nigeria over the period of the study. Based on this conclusion, the study recommended Increase investment in compressed natural gas, proper utilization of crude oil revenue and strengthening existing policies in the oil and gas sector as possible measures towards improving economic growth in Nigeria.

КОМПЬЮТЕРНОЕ МОДЕЛИРОВАНИЕ ДИНАМИКИ ЦЕНЫ РЕАЛИЗАЦИИ ПРОДУКЦИИ НЕФТЕПЕРЕРАБАТЫВАЮЩИХ ЗАВОДОВ

PJSC Tatneft produces highly competitive, environmentally friendly products, including Euro-5 motor gasoline grades AI-92, AI-95, Euro-5 diesel fuel and others. Petroleum products are a commodity, the prices for which in Russia represent an important indicator of socio-economic well-being. Therefore, the study of trends in the dynamics of petroleum product selling prices and the search for approaches to their forecasting is an urgent task. The purpose of this work is to study the dynamics of petroleum product selling prices using computer modelling methods to solve forecasting problems in the context of both current planning and management issues and strategic level tasks. The research was carried out for the following nomenclature of oil products: motor gasoline (AI-92, 95), diesel fuel (DT), heating oil (HO) at the selling price from the refineries of Tatarstan for the period 2018-2023. The article shows the results obtained using Statistica and MS Excel software packages. The choice of models for predicting trends in the dynamics of changes in salling prices is justified, and methods of analytical leveling and exponential smoothing are applied. It is shown that to identify the dynamics of forecast values, it is necessary to use statistics from both a long period and information from the last year. All proposed models provide results with an acceptable error. The results obtained from computer modeling of the pricing dynamics for selling prices of petroleum products are recommended for forecasting trends in the dynamics of price changes as an effective management tool in planning and making management decisions in order to gain competitive advantages in the development of a sustainable business process.

Forecasting stock market realized volatility: The role of investor attention to the price of petroleum products

This study investigates the role of investor attention to the price of petroleum products (APPP) in forecasting Chinese stock market volatility. In the in-sample analysis, we find that a higher APPP index can lead to higher stock market volatility in the next month. The out-of-sample results show that the APPP index has strong predictive power for Chinese stock market volatility. Moreover, the volatility predictability of the APPP index is stronger than that of all commonly used economic and economic policy uncertainty predictors. Furthermore, when compared with the commonly used economic and economic policy uncertainty predictors, we find that the APPP index contains more valuable information for predicting stock market volatility than traditional predictors. When performing two robustness tests, alternative forecasting windows and lags of RV, the results are still robust. Further analysis indicates that the forecasting power of the APPP index for stock market volatility concentrates on the low-volatility regime.

Downstream Deregulation Policy and Stability in Petroleum Products in Nigeria: A Case of South-South Region

Nigeria economy is almost singularly hinged on crude oil and therefore, highly sensitive to internal and external shocks in the oil sector. This study examined the impact of downstream oil deregulation policy on stability in petroleum products in Nigeria. Survey design was used in the methodology of the study. The hypotheses formulated were tested using ordinary least squares linear regression technique. The study revealed that the downstream oil deregulation policy promotes the availability of petroleum products in the economy. The study also revealed that local refining of petroleum products positively impacts on deregulation of the downstream oil policy in the country. It was further revealed from the findings that the removal of petroleum products subsidy and efficient pricing of petroleum products enhances the deregulation of the downstream oil policy in the Nigerian economy. It was recommended that the government should make petroleum products available through efficient liberalization of the downstream sector, remove subsidies, build more refineries or maintain the existing ones and regulate the prices of petroleum products in the country. Government should get all the four refineries working at all costs. This will help to reduce the huge amount of money spent on refined fuel importation and will be diverted to infrastructural development for the economy.

AN EXAMINATION OF THE BENEFITS AND CHALLENGES OF THE FUEL SUBSIDY REMOVAL ON THE NIGERIAN ECONOMY IN THE FOURTH REPUBLIC

The removal of fuel subsidy has emerged as a persistent issue in the second quarter of Nigeria's Fourth Republic. Despite the long-term benefits of the policy, Nigerians have consistently resisted attempts by the regime to revert to it. However, this government policy has received negative feedbacks from the public, public institutions, professional associations, and labour unions. The recent pronouncement by the newly inaugurated administration of Senator Bola Ahmed Tinubu as President elect of the Federal Republic has resulted to high prices of petrol and transportation fares all over the nation, even if it has not been fully implemented. It is based on this development that this study examined the benefits and challenges of fuel subsidy relapse on national economy. Descriptive analysis was adopted, and qualitative method of data collection was utilised to collect data for the study. Secondary sources of data, notably, books, journals, dailies, periodicals, and internet materials were utilized to obtain data. It was found out that several attempts by the previous administrations to reverse fuel subsidy policy have high negative effects on the citizens because prices of petroleum products, food items and transportation increases. The study recommends among others that the central government should pay special attention to the effects of the policy on the masses by providing palliatives to alleviate the sufferings of the people. In addition, government should provide steady electricity, regulate prices of goods and services, including transportation fare and provide adequate social amenities and infrastructures to cushion its effects on the citizens.
 Keywords: Subsidy, Fuel, Fuel subsidy, Subsidy Removal, Nigerian Economy, Regime, Benefits, Challenges.

Impact of Tourism Development, Energy Consumption, Urbanization on Sustainable Development Empirical Evidence from the Qatar

Qatar is one of richest country in terms of per capita (PC) in the top ten world richest countries. The highest level of growth rate in per capita is attributed to the growth rate in population and energy production. However, There is consensus that growth rate negative affect environment especially growth of population and energy consumption. Furthermore due to Qatar national plan to diversify the economy and reduces reliance on the oil, depletion of oil reservoir in the country and market volatility in the price of petroleum products, there is need to conducted the empirical research to checked the effect of tourism development, energy consumption and urbanization on sustainable development in Qatar. After gathering time series data from the period of 1995 to 2019 and conducting preliminary tests, the study found there is negative and significant effects of energy consumption, urbanization on sustainable development and positive and significant effect of tourism development on the sustainable development. Therefore, it is recommended to plan that project which are environmentally sustainable. Secondly, energy and sustainable nexus shows that energy consumption is detrimental to sustainable development; therefore, fossil fuel energy consumption project should be replaces with energy efficient and environmental friendly projects. Lastly the rate urbanization should be properly managed which could reduce the negative environmental degradation.

Development of world oil refining in the context of the coronavirus pandemic

The article is devoted to the analysis of the changes that are taking place in the global oil refining industry under the influence of the current recession in the world economy. Despite the recovery of the global economy after the pandemic, nevertheless, the risks of an intensification of the geopolitical conflict have led to an unprecedentedly difficult situation in the energy markets. Newly emerging restrictions in international trade, including in the form of sanctions, have led to risks of unstable development of the oil refining industry. In turn, the uncertainty in the dynamics of world oil prices, as shown in the article, as well as the trends in the transition to a low-carbon economy, make it difficult to predict the development of the oil and gas industry, including oil refining. The serious changes observed in the structure of fuel production and consumption in the United States will have a significant impact on the development of the industry under study in the future, where there is already a shortage of refining capacity and unstable dynamics of prices for petroleum products. The introduction of additional capacities in the world oil refining, as noted in the article, will not have a significant positive impact on the oil product markets in the short term.

Persistent fuel scarcity, price increases, and way forward in Nigeria

The scarcity and regular increase in the price of petroleum products in Nigeria has significant negative effects on businesses, the transportation sector, and the economy as a whole. Businesses suffer as they have to spend more on transportation and energy costs, which reduces their profit margins. This increase in costs is often passed on to consumers, leading to inflation and a decrease in consumer purchasing power. The transportation sector is also heavily affected by petroleum product scarcity and price increases, as fuel costs are a significant part of their operational expenses. This leads to higher transportation costs for goods and passengers, which ultimately affects the prices of goods and services across the economy. Furthermore, the Nigerian economy is heavily reliant on oil revenue, and any disruptions in the production and distribution of petroleum products can have severe consequences for the government’s revenue and overall economic growth. The way forward for Nigeria is to diversify its economy and reduce its dependence on oil as its primary source of revenue. This can be achieved by investing in other sectors such as agriculture, manufacturing, and technology. Additionally, the government can work towards improving the country’s infrastructure, particularly in the area of transportation, to reduce the impact of fuel scarcity and price increases on businesses and the economy. Finally, there needs to be an increased focus on developing and implementing alternative and renewable energy sources to reduce the country’s dependence on fossil fuels.

Uloga i značaj logistike u diverzifikaciji rizika uvozne zavisnosti Republike Srbije od nafte i naftnih derivata

After the outbreak of the conflict in Ukraine in early 2022, a series of events followed that influenced the change of the international order and the entire geopolitical scene. There has been an economic regrouping and redefinition of interstate relations, and in some countries there has been a deterioration or breakin of relations, and in others there has been a deepening and strengthening of cooperation. Bearing in mind that some are leaders in the export of oil and petroleum products, and some are the biggest importers of the same, the international market of these energy products has changed. This is also indicated by the prices of oil and petroleum products on the international market, as a clear indicator of the changed conditions on the supply and demand side. Securitization of the supply of oil and petroleum products, as well as the prevention of negative-inflationary consequences of price shocks of these energies to internal economic flows implies a strategic approach in supply chain management and logistics. Successfully coping with such challenges implies a multifaceted and synchronized approach by the state or competent entities. First of all, states or entities representing them may sign long-term arrangements on the supply of oil and petroleum products, which cannot be considered an absolute solution in the long term, given the general geopolitical circumstances, but also the practice in bilateral cooperation. Then, states can start the production of oil and petroleum products from conventional-commercial sources, if there are financial and objective-technical conditions for this. The third, and no less important approach, is to create conditions for the exploitation of renewable energy sources, which can help users meet their energy needs. This would reduce the demand for other energy sources, so if the country is imported dependent on fossil fuels, the need for imports would also reduce the import dependence of the country. All three approaches are in the function of diversifying the risk of fuel imports, and if this sphere is not given attention, all economic flows of any oil and petroleum products importing country can be drastically disrupted. There are many examples of mistakes made in the procurement strategy of oil and petroleum products, i.e. gas in the foreground. This paper covers the most interesting examples from practice in order to project the risks and damages that imported countries dependent on oil and petroleum products have faced due to the latest developments in Ukraine. In this paper, the authors also point out the economic aspects that reflect possible directions of diversification of risks from the import of oil and petroleum products, as well as the connection of diversification of import risk with supply and logistics in the Republic of Serbia.

IMPACT OF PETROLEUM PRODUCTS PRICE CHANGES ON PRICES OF FOOD ITEMS IN THE NIGERIAN ECONOMY

There seems to be disequilibrium between food items and petroleum price changes in Nigeria. Every petroleum price change is followed by a rise in the prices of food items and increased poverty. This study therefore examines the impact of petroleum product price changes on the prices of food items in the Nigerian economy. Annual time series data from 1991 to 2021 are employed and the study adopt ARDL approach to determine the long-run and short-run relationship between the price of premium motor spirits and the price of food items in Nigeria. However, as it is reported by the unit root test there is a mixture of 1(0) and 1(1) order of cointegration. With these results, it is more suitable to apply the ARDL approach. The results show that the price of premium motor spirit has a positive and significant impact on food items during the short run but in the long run, the prices of premium motor spirits have a positive and insignificant impact on the food items in Nigeria. The results of the Toda and Yamamoto (1995) causality tests show that there is a unidirectional causality running from the price of food items to the price of premium motor spirit and from the exchange rate to the price of food items. Therefore, the government should implement policies that encourage agricultural productivity which has great potential of boosting food supply so as to reduce the price of food items across the country. This way, timely increases in petroleum prices would generate more revenue without inflationary trends in food items.

Reducing the anthropogenic impact on the environment as part of the transition to environmentally friendly energy sources: a review of current research on hydrogen synthesis and carbon dioxide utilization

The problem of carbon dioxide utilization is of increasing concern to the public, since measures to reduce greenhouse gas emissions are no longer sufficient to prevent a global increase in temperature on the planet. The global energy sector is facing two major challenges: skyrocketing prices for petroleum products and an increase in the amount of carbon dioxide emitted into the atmosphere by industry. The growing anthropogenic pressure on the environment has increased interest in the geological storage of carbon dioxide. Developments in the field of alternative energy sources are becoming more and more relevant: hydrogenation and synthesis, solar energy, hydrogen energy. Promising trend, from the point of view of utilization, is associated with the production and use of environmentally friendly energy carriers through the conversion of carbon dioxide. The article discusses modern technologies for producing hydrogen and industrial conversion of carbon dioxide into useful products, including the author's nature-like method for converting carbon dioxide into green energy resources. Keywords: carbon dioxide utilization; underground storage; hydrogenation and synthesis; hydrocarbons; hydrogen; alternative energy sources; catalysts.

Development of a roadmap as an important step towards the sustainable growth of the cocoa sector in Nigeria

In Nigeria, the decline in the efficiency of the cocoa industry in particular and of agricultural production in general began after the country gained independence. At that time, oil was discovered, and that stole the attention of the government in terms of financing. Over time, the country’s budget has become highly dependent on fluctuations in prices for petroleum products, and there emerged a critical need to diversify state revenues. Nigeria’s successive governments over the past 60 years have made repeated attempts to revive agriculture as an alternative to the oil sector, but all of them have proven unsuccessful. The author believes that the recovery of the cocoa sector can become the most important vector for strengthening the country’s food security. Increased foreign exchange earnings from the export of cocoa products will enable Nigeria to purchase more food to meet the needs of the population. The author considers the lack of qualified management and competent agricultural policy in the country as the reason for the degradation of the cocoa industry and puts forward a roadmap for the development of the sector in Nigeria, which takes into account its current problems and may return the industry to the path of sustainable growth.

An Empirical Analysis of the Relationship Between Fuel Pricing and Demand in Zambia

Fuel is essential to the smooth running of any industry. Without fuel, many processes would stop and be difficult to restart. Fuel can come in many forms; it can be liquid or gaseous and be a fossil fuel or renewable source. A country’s reliance on fuel imports is usually because it lacks sufficient resources to produce fuel domestically. In this study, fuel refers to gasoline and diesel. There are periods in Zambia when there are shortages of fuel in the domestic markets. Indeni oil refinery was put on care and maintenance as it has become obsolete and the country now imports final finished fuel products. The implication of all this is that fuel will now get delivered by road as opposed to delivery by pipeline to Indeni which was refined into various products. Additionally, this decision removes government bureaucrats from making procurement decisions of crude oil and puts procurement decisions of final fuel products in the hands of individual oil marketing companies which sell the products to the final consumers. These developments inadvertently will have a big impact on the price of petroleum products. The result of estimating a VAR model indicates that fuel demand in Zambia is negatively related to price changes in fuel. Past values of fuel consumption are found to be important determinants of the present demand for fuel. GDP surprisingly doesn’t determine fuel demand. This may be an indicator that GDP growth is not filtering through to the ordinary citizen. There is a need to design inclusive economic policies so that benefits from growth filter through to the ordinary citizens. Keywords: Fuel Demand, VAR model, Hubbert Peak Theory, Error Correction Model (ECM), Autoregressive Distributed Lag Model (ARDL); Fuel Subsidy Reforms. DOI: 10.7176/JESD/13-20-12 Publication date: October 31 st 2022

Biofuel Production through Algae Route using Solar Assisted Carbon Capture Plant

In present scenario when there is great hike in energy demand which results in increased prices of petroleum products and the big matter of concern is that the resources are diminishing so rapidly, these diminishing fuels should be replaced by biofuels. Other sources of biofuels are limited and difficult to cultivate therefore microalgae has comes out as an important source of renewable biofuel. Microalgae grow in the presence of sunlight and CO2, and those rich in lipids are excellent source of biofuels (biodiesel) after processing. The present study was aimed at production of biofuel through microalgae route using carbon capture pilot plant and exploring feasibility of scaling-up of bio-fuel production on a mega scale coal fired thermal power plant through analysis and selection of species that can grow in ash-pond area on mass scale.