Fuel Price Tracker

Fuel management is becoming increasingly important as fuel prices increase and are having a negative impact on businesses bottom line

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.

Tracking price increase

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.

The Fuel Tracker indicates the current stability of New Zealand pricing, with minimal fluctuations since the start of October. This is good news and, you’ll probably have noticed, the overblown hype of the potential impact of the Saudi installation drone attack has died down.

Tracking price movement will assist in managing your fuel cost and ‘buying window’. Want to know more? Contact Fuel.iT for assistance.

Tracking percentage increase

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.

October is normally a ‘lull before the storm” period, however we feel that the plateau may have been reached. Provided the northern hemisphere weather doesn’t deteriorate as badly as a couple of years ago, we could be set for a period of stability in fuel costs. Note, though, that we are now 8.0% higher priced than at the start of the year, and that is unlikely to change.

Have you thought about reclaiming the Duty on your fuel? Provable non-road use can lead to recovering the excise duty on your fuel. Contact us if you are interested in recovering cost.

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.