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Fighting Rising Fuel Prices

By 13th February 2014April 7th, 2022No Comments

 

Jane Campbell
Jane Campbell

Did you know that fuel prices have risen 85% over the past decade? 10 years ago you could fill up your company car or transit van with diesel for as little as 78p per litre. Now its closer to 1.38p per litre. This means that the fuel costs of driving a vehicle travelling 30,000 miles a year has increased by £2,500. Multiply this by the size of your fleet and it can be a substantial sum.

There are ways however to fight back, even if you are not ready to embrace hybrid or electric vehicles.

The first step is to review your fuel card prices and provider. As fuel is a volatile commodity, its not that easy to benchmark that your current provider is giving you value for money. A good way to do this is to monitor your prices against published fuel prices from bodies such as the AA and The Department of Energy and Climate Change (DECC). After a few months, you should be able to work out how much below the national average pump price you are paying.

Once you have this figure, start shopping around to find a better deal and keep monitoring these prices to ensure you don’t incur price creep.

Finally use the on-line reports your fuel card provider generates for you. Assess how much of your consumption is premium fuel which can easily be up to 8p per litre more expensive than standard fuel. Unless there is a business reason for premium fuel eradicate it from your usage. This can save you thousands of pounds in the long run.

By adopting these simple habits some of our clients have reduced their net fuel costs by around 5% pa or more.  Alternatively, let us take this off your hands, our network is fully-equipped to understand your business and the specific challenges you face. Contact us to book a Business Health Check