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ID:
149832
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| Summary/Abstract |
Small Islands Developing States (SIDS) are isolated and surrounded by ocean. The generation and use of energy resources are two very important aspects for the development of SIDS. Unfortunately, most of SIDS do not use their potential in respect of energy resources, and they as a result have to depend on the import of fossil fuels in order to meet their energy needs. This increases the overall vulnerability of SIDS as they have to depend on the rising or fluctuating fossil fuels prices. Some SIDS, especially in the geographically dispersed Pacific region, do not have proper access to energy whereas other SIDS struggle more with energy security issue. At the same time, SIDS are most vulnerable to the impacts and effects of climate change, as they are among the ones to be most severely affected in case of natural calamities and sea-level rise.
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| 2 |
ID:
176733
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| Summary/Abstract |
There are no studies that quantify the effects of price and income on the demand of fuel oil, gasoline and diesel oil in Mauritius. In line with increasing retail prices for these commodities, there is no estimation of the effect that increasing price, income and other variables like electricity and vehicle stock have on demand of petroleum products which affects effective policymaking in this area. This study uses an ARDL–ECM model to determine consumer response on petroleum demand when price and income in Mauritius changes. The study determines the income and price elasticities of demand which is a needed parameter in transportation and taxation policies. It was found that gasoline is price and income inelastic in the short–run, diesel oil is income inelastic in the long–run and fuel oil is inelastic in the short–run but becomes elastic in the long–run, other variables being not significant. The effect of rising electricity consumption on fuel oil demand was to a ratio of 1: 1.1 on average. Vehicle stock is estimated to cause unprecedented increase in gasoline demand by nearly 3.1% on average. Results are essential for transportation and energy taxation policymaking.
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