Fuel is an ever-increasing operational cost for all businesses. In the current pricing climate, businesses who use large volumes of fuel are facing significant increases in their operating costs simply due to fuel price increases. Fuel management is important for managing the impact of these costs.
Throughout business today, people use data to make informed decisions. Our aim is to provide businesses who use large volumes of fuel, transparent data and insights on their fuel use for them to action decisions about their business in a timely manner. This includes tracking fuel prices for businesses so that they can understand the impact on their business of fuel price increases.
Since 1 May 2018, Fuel.iT has tracked the price of retail diesel (excluding the Auckland Regional Fuel Tax), as a pump average. The graph below shows this tracking in $NZ and is updated weekly.
Easter is normally a quiet and relatively stable period for oil prices. Not this year. Over the past week Trump has been forced to draw down from US stockpiles, at the same time demanding an international boycott on Iranian oil. Meanwhile China has announced an economic upturn, which will lead to higher demand.
On top of that Libya, usually a steady supplier, has seen unrest – which might lead to full blown internal conflict – which has interrupted supplies to Europe, forcing refineries to look elsewhere for supplies. If Libya does escalate into civil war then crude oil prices will sky rocket to high levels, very quickly.
Tracking price movement will assist in managing your fuel cost and ‘buying window’. Want to know more? Contact Fuel.iT for assistance.
Since 1 May 2018, the percentage increase in the price of retail diesel (excluding the Auckland Regional Fuel Tax) had risen inexorably to close on 25% more than 1 May benchmark.
If your business uses 500,000L or more of diesel per annum, this means your costs have fluctuated by as much as 18% since 1st May 2018.
For the last month we have indicated to you a steady increase in prices for petrol and diesel. Now the mainstream has caught on, largely as a result on international pressures creating news to print.
There is an adjustment to fuel prices coming, International pressure and our small market will combine to force base supply pricing upwards.
Be prepared for a further hike in fuel prices coming soon.
Are you and your company prepared for the inevitable further increases? Be ready to mange increases cost effectively, the Fuel.iT system is here to help you.
Fuel.iT can help you with tracking your fuel, using your fuel resources more efficiently
and enable you to manage the impact on your business of the cost of fuel as it fluctuates.