About our price predicions
, we use a linear regression
model to provide fuel price predictions for the next week.
We actually use two different models to do this.
The first model
is a short-term model that takes only the last 9 prices into account to make its prediction. This allows us to provide a quick and up-to-date forecast for what prices will be like in the coming week. This model is particularly useful for people who want to make informed decisions about their fuel purchases in the short term.
The second model
uses all of the data from our database, which goes back to 2015 up to today. By taking a longer-term view, we're able to identify patterns and trends in fuel prices that may not be immediately apparent from just looking at the last few prices. This model is especially useful for people who want to get a better sense of how fuel prices might change over time.
Both of these models use linear regression to make their predictions. Linear regression is a statistical technique that helps us identify the relationship between variables. In this case, we're using it to find the relationship between fuel prices and time. By analyzing this relationship, we can create a model that can predict future fuel prices with some degree of accuracy.
However, it's important to note that fuel prices are subject to many factors that can be difficult to predict. These include changes in global oil prices, geopolitical events, natural disasters, and more. As a result, our predictions should be taken as an advice only
and not a decision-making tool. It's always a good idea to keep an eye on the market, do your own research, and consider multiple factors when making decisions about your fuel purchases.
We hope this explanation helps you better understand how we provide fuel price predictions at fuel-prices.eu.
If you have any questions or feedback, please don't hesitate to get in touch with us.