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The Ultimate Guide to Fuel Data 2020
Learn everything about Fuel Data. Understand data sources, popular use cases, and data quality.
Table of Contents
What is Fuel Data?
The word ‘fuel’ covers a broad spectrum of different types of fuels used to power equipment. A fuel dataset provides information about everything related to fuel, from current prices and demand to sources and usage. Different fuels are used by equiment, machinery and vehicles all over the world and the production and use of these goods generates significant amounts of data that be used by manufacturers, suppliers and consumers to ensure they are getting the best deal possible. While there has been a shift in recent years to renewable forms of energy, there is still a huge reliance on classic fuelling methods hence the importance of fuel datasets.
How is Fuel Data collected?
Fuel data is generally collected through surveys and market analysis. Researchers will monitor different fuel prices and consumption levels and process this raw data to create a fuel dataset that can be given to interested parties.
Given that fuel prices can vary constantly, it is important that your fuel dataset reflects these changes and is regularly updated.
Data providers will also make use of historical fuel records to ensure the most complete report. These records can provide an insight into how fuel demand, consumption and prices has varied over time, especially how this has been affected by the increase in renewable energy use.
What are the attributes of Fuel Data?
Fuel data is often broken down into basic subsets:
Fuel prices - Fuel datasets will provide real-time insights and analytics about regional, national or global fuel prices depending on the dataset you pick. Often this will then be sub-sectioned into different types of fuel so you can pick the one that is most pertinent to your needs.
Fuel production and consumption rates - Another attribute of a fuel dataset is current rates of fuel production and consumption. How amounts of fuels are produced and used by vehicles and equipment across the world on a daily basis and a fuel dataset can provide this information as well as analyzing the implications of these rates.
What is Fuel Data used for?
Companies and businesses use fuel data to evaluate current fuel prices as well as supply and demand. Because different types of fuel are used widely across the world there is a lot of demand for fuel datasets.
Fuel companies also use this data to evaluate their competitors’ fuel prices and use current fuel demand and production rates to vary their own prices according to this.
Similarly, logitistics and transportation companies rely heavily on fuel data, especially fuel price data, to keep their costs low because they use significant amounts of fuel in their business.
It is for these reasons that companies need fuel datasets that are regularly updated as they rely on this intelligence to make strategic decisions that will benefit their profit revenue.
How can a user assess the quality of Fuel Data?
The best fuel datasets will provide intelligence that is updated often and provides real-time fuel prices and rates of consumption and production. Historical fuel records are equally important for spotting and analzying trends in the fuel market, such as how fuel prices have evolved over time, especially with the increase in reliance on alternative energy production means.
As there are many different data points that can comprise a fuel dataset, it is important to ask for a data sample before buying any fuel data to make sure it matches your needs. Lastly, always check the data provider’s reviews before you purchase.