New model predicts price changes for petroleum products, impacting consumer wallets.
A model was created to study how retail prices for gas change based on factors like wholesale price shifts. The model uses algorithms to mimic how traders compete and how consumers search for prices. By looking at historical data from Kyiv, the model matched real price patterns well, especially when wholesale prices changed suddenly. It also found that buyers tend to stick to certain price strategies. The model's accuracy can still be improved.