Use of Data Mining Technique for Forecasting Fuel Prices

One of the major sectors that is driving the economy of the nation is the fuel industry. Recently, the changes in the pricing of fuels have been evolving and there are no definite indicators or any other entities that can help in predicting how the fuel prices can be determined. This where the data mining concepts and techniques help in doing the same. Data Mining is an analytical process designed to explore data in search of hidden relationships between variables, and then to validate the results by applying the patterns found, to a new subset of data. This paper, gives the use of data mining techniques and use them into a processed form to predict the future fuel prices. We propose this paper which introduces the use of Bayesian classification, for the purpose of prediction of future fuel prices. This method stands out to be more relevant and accurate than other methods which can be considered for the same application. This proposed method is attractive as the results can be obtained using a mobile phone.