Coping with continuing volatility in fuel pricing requires sound fuel purchasing strategies. Not only must the industry learn to reduce its fuel use and improve its efficiency now, it must consider lo...
Coping with continuing volatility in fuel pricing requires sound fuel purchasing strategies. Not only must the industry learn to reduce its fuel use and improve its efficiency now, it must consider long-term solutions to these issues. Research recently published by Eyefortransport details the measures implemented by North American carriers to lower their fuel costs and streamline their purchasing procedures.
Respondents were senior fleet executives from trucking and delivery fleets and from private fleets within retailers and manufacturers responsible for fuel purchasing, management and IT.
The research, released earlier this year, found that so far the more “traditional” measures remain the most popular among fleets. More than a quarter of survey respondents cited “negotiating with suppliers” as their primary solution. The next most popular move, cited by 17% of the managers included in the survey, cited “utilizing and negotiating with fuel card companies.” The third most common move by carriers dealing with skyrocketing fuel prices was “creating and implementing a fuel buying plan,” cited by 14% of the sample. More involved options such as “appointing a fuel manager,” “implementing the latest price gathering technology” and using “hedging strategies” were chosen by less than 10% of the sample.
About a fifth of the respondents were from for-hire TL fleets; 15% from for-hire LTL fleets; about a quarter from private fleets;8% from postal, courier or express fleets, 3% from HazMat/tank carriers, and 3% from high-value carriers. •
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