The Cypriot government will next month invite tenders for the development of a new system monitoring retail fuel prices that will use artificial intelligence to track irregular market fluctuations, the energy minister told MPs on Thursday.
“When I first came to the ministry I saw an outdated way of monitoring fuel prices,” George Papanastasiou said.
In March the ministry will issue a tender for the design and deployment of a pricewatch system based on artificial intelligence. The algorithms would monitor each supplier as well as fuel prices in real-time, and action would be taken wherever ‘unusual’ fluctuations are spotted.
The minister said the software would track the behaviour and movements of fuel companies. Whenever “a strange move occurs where someone tries to take advantage of circumstances in the global market”, the matter would be taken up by the Consumer Protection Service.
The new system would track why, whenever fuel prices drop globally, retail prices at petrol stations do not follow suit quickly, whereas global increases are instantly reflected at the pump – the so-called ‘rockets and feathers’ phenomenon.
“We’ll be able to pick up on this peculiar conduct,” Papanastasiou remarked.
Full story Cyprus to launch AI-powered fuel price monitoring system | Cyprus Mail
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