Regional Patterns for the Retail Petrol Prices

Costs of transport fuels are the most significant components of household expenditures, and the price of petrol is of particular importance for commercial and residential sectors in Australia. Regarding the central role of petrol, an in-depth understanding of petrol price behaviours is essential. Previous studies mostly focused on the petrol markets in metropolitan areas, and there exists a significant gap in the regional literature. Therefore, this paper is aimed to develop a clearer understanding of petrol price patterns in urban and rural areas in Western Australia. This study finds a mismatch between pricing patterns across various regions and cities. There are cities with two types of price patterns, cities with price cycles and cities without. Most cities have not excessive fluctuations, and their price patterns are almost smooth. This group of cities have different levels of petrol prices. The greater distance with Perth raises petrol prices in these groups of cities. Cyclical patterns have been observed only in Murray, Mandurah and Geraldton. Comparative analysis reveals that asymmetric and frequent weekly cycles in three cities are similar to the cycle in Perth. It can be argued that there exist no specific differences in petrol price patterns among cities with cycle.Keywords: Petrol prices, Regional markets, Markov switching models, Australia.JEL Classifications: C22, D40, L11, Q41, R10DOI: https://doi.org/10.32479/ijeep.10132</p

Determinants of inflation in Iran based on Bayesian Model Averaging (BMA)

Due to the important influence of inflation on macro-economic variables, researchers pay tremendous amount of attention to its determinants. Accordingly, in the following research, the impact of 13 variables on inflation during the period of 1338-1391 by using Bayesian Model Averaging (BMA) method has been investigated for Iran economy. The ranking of the 13 explanatory variables are obtained based on the probability of their inclusion in model. The results show that the energy price and money imbalance (lagged ratio of money to nominal output) have expected and positive effect on inflation rate with a probability of 100 % and they are considered as the key explanatory variables in inflation equation. The energy price, money imbalance, money growth and market exchange rate growth have the first to fourth rank respectively. The influence of the production growth is not significant on the inflation in the short-run but it gradually influences the inflation through money imbalance channel in the long-run. In addition, most of the disinflation effects due to decrease in money supply will appear with delay. These results imply the dominance of monetary variables on inflation with cost push factors not having important impacts on prices. Also, oil revenue and imports influence the inflation through exchange rate channel, production and money velocity

A Comprehensive Study on the Expansion of Electric Vehicles in Europe

Funding: This research received no external funding.Peer reviewedPublisher PD

Investigation the integration of heliostat solar receiver to gas and combined cycles by energy, exergy, and economic point of views

Due to the high amount of natural gas resources in Iran, the gas cycle as one of the main important power production system is used to produce electricity. The gas cycle has some disadvantages such as power consumption of air compressors, which is a major part of gas turbine electrical production and a considerable reduction in electrical power production by increasing the environment temperature due to a reduction in air density and constant volumetric airflow through a gas cycle. To overcome these weaknesses, several methods are applied such as cooling the inlet air of the system by different methods and integration heat recovery steam generator (HRSG) with the gas cycle. In this paper, using a heliostat solar receiver (HSR) in gas and combined cycles are investigated by energy, exergy, and economic analyses in Tehran city. The heliostat solar receiver is used to heat the pressurized exhaust air from the air compressor in gas and combined cycles. The key parameter of the three mentioned analyses was calculated and compared by writing computer code in MATLAB software. Results showed the use of HSR in gas and combined cycles increase the annual average energy efficiency from 28.4% and 48.5% to 44% and 76.5%, respectively. Additionally, for exergy efficiency, these increases are from 29.2% and 49.8% to 45.2% and 78.5%, respectively. However, from an economic point of view, adding the HRSG increases the payback period (PP) and it decreases the net present value (NPV) and internal rate of return (IRR)

A Comprehensive Study on the Expansion of Electric Vehicles in Europe

There has been a rapid increase in government efforts to expand electric vehicle markets by deploying fast-charging stations, promoting uptake through greater investment, and by enacting supportive policies. Government support and private investment have contributed to the expansion of electric vehicles in many countries. The aim of this study is to highlight and analyze the most critical aspects of the expansion of the electric vehicle market, regarding technologies, characteristics, advantages and disadvantages, opportunities, and barriers in Europe. Our study analyzes the progress of electric vehicles by reviewing recent literature based on technology, policy, and government measurements. This study provides comprehensive information on electric vehicles and perspectives that are critical to policymakers, car manufacturers, consumers, and the community. To achieve favorable results, governments should invest in developing electric vehicles and battery technologies, provide subsidies, and develop charging infrastructure. Furthermore, by analyzing current EV sales in ten countries around the world, we assess the operating costs of electric vehicles. Overall EV cost of ownership is influenced by grid electricity price, cost of financing, location, carbon tax, wind speed, and solar insolation

What Drives Petrol Price Dispersion across Australian Cities?

Petrol directly impacts the ability of and extent to which households can engage in day-to-day activities and ultimately directly influences the aggregate economic activity. Petrol price increases can lead to major economic disruption, especially among the most vulnerable, such as low-income families. In Australia, petrol prices differ substantially between metropolitan and regional areas, and regional drivers must pay more for purchasing petrol than those in capital cities. This research explored why retail petrol prices vary from one city to another within and between Australian regions. In this study, clustering methods and panel models will be used to identify factors that cause price differences. The findings revealed that a considerable part of the price differences arose from specific characteristics of cities that influence the demand and supply of petrol, thereby causing variations in price decisions. Petrol prices were substantially influenced by wholesale petrol prices, oil prices, petrol and diesel vehicles, population density, station density, and public transport accessibility. These factors are the main determinants that contribute significantly to price variations between Australian cities. The findings provide critical information for economic agents that interact in this market. From a social welfare perspective, government authorities can consider these factors to improve living standards and consumers&rsquo; welfare under price pressure in regional cities

An Analysis of Circular Economy Literature at the Macro Level, with a Particular Focus on Energy Markets

Sustainability is a strategic approach to develop a more sustainable economy to support the environment and socio-economic development. Literature on sustainability has been concerned mainly with global warming and environmental degradation issues, whereas the Circular Economy (CE) concept has recently been suggested as an alternative solution to support market sustainability and deal with both environmental and socio-economic challenges. In order to tackle these challenges, countries must switch from linear economies that follow the “take-make-dispose” principle to circular and sustainable economies. This study applies a structural and conceptual literature review to elucidate the most decisive determinants in the formation of circular strategies, particularly in the context of the energy sector. This study examines obstacles that hinder CE adoption and formulates drivers and measures to overcome them. The strategic literature review shows that the circular approach is critical in achieving sustainable development. Circularity can be considered a novel and innovative approach to alleviating the contradiction between rapid economic growth and energy and raw materials shortages. The CE structure must be considered as a sustainable foundation to enhance economic growth by avoiding waste, preserving natural capital, managing resource scarcity, recycling materials, maximizing energy efficiency, and recirculating them into the economy. Analysis reveals that the circular system is a key pillar of sustainability, security, and efficiency in the energy sector. The sustainable energy transition requires incorporating the CE principles in the design process. It also revealed that both public and private sectors must move away from the linear paradigm towards circularity to achieve CE implementation

The Effect of Market Isolation on Competitive Behavior in Retail Petrol Markets

Regarding the importance of energy for societies, this study examines the characteristics of the petrol price cycle in Perth, Australia. Given the micro-and macro-economic changes, the study’s purpose was to determine whether the Edgeworth features of the cycle are robust and resilient to market changes. The contribution is to extend previous studies, evaluate Edgeworth’s consistency, and capture several episodes of economic activity that have been unexplored. The findings showed a frequent and asymmetric weekly cycle that is characterized by decreasing prices over six consecutive days, followed by a large price jump in one day. The average price rise in the relenting phase for major stations was 14.10 cents per liter (CPL) and 13.14 CPL for independents. For the major and independents, the daily average price drops in the undercutting phase were 2.25 and 1.92 CPL, respectively. Despite the market changes, Edgeworth’s cycle characteristics, cycle duration, and the stations’ role have remained stable during the last 15 years, but peak and trough days have changed. The study is crucial as it provides insights into the robustness of price cycles and competition during significant downturns and prolonged periods of growth. This analysis is critical from a regulatory, policy, and consumer welfare perspective. Furthermore, this paper investigates future petrol consumption in light of renewable energy developments