Oil prices are currently in the lowest in over a decade and they are predicted to stay that way for the foreseeable future. This is great news for your bottom line, but markets fluctuate. Right now, the lows are probably making it simpler to control your total fleet fuel spending. There are a few things you can – and should – do now to make sure you are prepared to sustain the lowest possible fuel spending, even as the low price market rebounds.

How to Sustain Fuel Costs in the Changing Oil Market

01.21.16

Ranging Oil PricesOil prices are currently in the lowest in over a decade and they are predicted to stay that way for the foreseeable future. This is great news for your bottom line, but markets fluctuate. Right now, the lows are probably making it simpler to control your total fleet fuel spending. There are a few things you can – and should – do now to make sure you are prepared to sustain the lowest possible fuel spending, even as the low price market rebounds.

Enabling your fleet to make informed fueling decisions probably represents your best source of consistency in this wildly fluctuating oil price environment. Success requires consistent awareness of oil and gas price variances, along with attention to your drivers’ fueling decisions based on factors like location and fuel type.

FleetAdvance Influences Consistent Driver Behavior

Regardless of oil price trends, fleet managers always have the ability to exercise control over fuel spending internally. FleetAdvance provides a source of monitoring, measurement and analytics that line up against changing fuel prices. It provides a current view of how the fleet is keeping a steady spending threshold based on their fueling decisions. And a host of features help make sure drivers remain vigilant about sourcing the most affordable fuel.

The FleetAdvance Console is a real-time fuel transaction scoreboard. It shows where your drivers fueled, and scores the transaction values in real time and as daily totals. FleetAdvance also records price trends and spend patterns by brand, state and driver, helping you to answer questions important to building a fueling strategy that positively impacts the bottom line.

  • Are my drivers using high priced fuel sites?
  • Do certain fuel station brands cost me more money?
  • Where and how often are my drivers fueling?
  • Are my drivers going to sites where I have discounts or that are the lowest possible price?
  • Which drivers are making poor fueling decisions?

The Opportunity Analyzer is a dynamic analytics tool that provides insight into fuel savings opportunities and uncovers areas of improvement. With that intelligence, you can enter trip details into the Fuel Stop Advisor, which translates fuel prices, routes and trip details into a plan for drivers to access the best-priced fuel along their projected route.

Perhaps most important tools for fleet managers striving to build cost consistencies in this environment are those that help drivers maintain or improve fueling decisions. FleetAdvance Driver Scorecards allow you to rank and even reward drivers based on their activity.

You can’t control external economic factors but it is possible to take actions that safeguard your bottom line as the inevitable market swings happen.

Are you focused on building long-term stability for your fleet fueling costs? If you have been sitting back and enjoying low fuel spending outlays, now is the time to look forward and put the structures in place to keep those numbers low as the oil market inevitably rebounds.