Petrol prices have hit an all-time high, and they could go higher from here.
Spending on petrol hit a record high in November 2021, with average prices for Unleaded 91 sitting around $1.86 per litre in Brisbane, $1.81 in Melbourne and $1.60 in Sydney.
Higher global oil prices amid economic recovery and supply disruptions are behind this sharp rise in petrol, and it only looks like it’s going to increase from here.
What does this mean?
It means your business needs to be prepared for increasing fuel costs in 2022 and beyond. And here’s exactly how you can do it.
Mistakes that’s costing you money at the fuel station
If your business requires your employees to be out on the road every day, you know the headache that comes with it.
Expensive fuel receipts, lost fuel receipts, wasting your accounting team’s asking them to chase fuel receipts and manually consolidate fuel expenses… And no doubt you’re probably making some critical (and costly) fuel mistakes as your business grows.
- Do you ask your staff to find the cheapest fuel station before filling up?
- Do they take whatever route they want to get to their destination?
- Do you think monitoring fuel consumption will be too difficult?
If you’re guilty of the above, don’t fret and read on.
Five ways smart businesses are saving on fuel costs
1. Monitoring Fuel Consumption
If you’re not monitoring your fuel consumption, you’re wasting money. You need to know how much fuel your fleet is consuming at all times, otherwise it’s impossible to know when and where you can be cutting back. Monitoring how much is being used by each vehicle driver is also a way to save money on fuel costs, so you can identify your most inefficient drivers and vehicles and work on improving them.
2. Using Driver Technology & Telematics
By investing in telematic GPS fleet tracking software you can start to track your fleets’ performance, maintain driver safety, monitor routes and patterns, fuel consumption and other metrics. You’ll get a better understanding of which vehicle and engine is best matched to the route your drivers are taking.
3. Investing in Driver Training
Did you know some driving techniques can actually waste a lot of fuel? It pays to invest in driver training to make sure your employees know the most effective, fuel-efficient ways to drive. This will save you on fuel, but it could also save you on any speeding or traffic offence fines, as well as improve the rate of any road accidents.
4. Keeping Up Regular Maintenance Checks
It’s important to keep up regular fleet maintenance checks to ensure the safety and efficiency of the vehicle. Things like oil, tyres, filters and so on need to be checked regularly to avoid unnecessary repairs and major problems going undetected. Checking and maintaining tyre pressure falls under maintenance checks. Proper tyre pressure not only improves the handling and safety of the car, but also boosts fuel economy.
5. Using a Fuel Card
One of the best ways to save money on fuel costs is to change the way you pay for fuel. Fuel cards have a range of cost-saving benefits, and not to mention are incredibly convenient too. Benefits of a fuel card include saving money on fuel with pump discounts, avoiding unnecessary fuel costs and accurate tracking of a vehicle’s fuel consumption. They also prevent issues with fuel slippage and unauthorised fuel purchases.
The ONE biggest secret to save THOUSANDS in fuel costs
It’s not so much of a secret as it is a powerful tool smart businesses are using to save money on fuel expenses when fuel costs continue to rise. The answer? A fuel card. Here’s how you can save thousands… up to $2,400 over 6 months.
Let’s look at the Shell Card Fuel Card. Currently, for new customers, Shell Card is offering savings of 6c/l in the first 6 months, with zero card fees.
Say you typically spend around $10,000 a month in fuel costs. Over that 6 months period, here’s how you’d save:
- Fuel savings: $2,400 (based on 6c/l discount and a calculated usage of 6,667L at $1.50/l over 6 months)
- Time savings: 30 hours (based on average receipt reconciliation and accounting time of 30 minutes per card of 10 cards over 6 months)
- Card costs: $0.00
Not bad savings for something that’s easy to apply for and the ability to get started straight away, right?
OK, but what is a fuel card & what are the benefits?
Fuel cards make managing your business’s fuel simple. A fuel card works like a credit card in many ways. It makes it easy to pay for and keep track of your business fuel expenses. It means your employees can pay for fuel without cash and without needing to submit a fuel reclaim. The fuel card is attached to an account and when an employee fills up, the cost is charged to that account. The amount owing will then be deducted from your linked bank account or credit card, usually monthly.
Every purchase is recorded and itemised on a single tax statement, so there’s no need to keep and tally-up fuel receipts.
The amazing benefits of the right fuel card are:
- Pump price discounts
- Save you from unexpected spikes in fleet costs
- Offer greater reporting capabilities
- Provide competitive pricing
- Offer a long-term loyal relationship with a dedicated fuel provider
- Provide a simple way to transact and reduce fuel costs
- Help you review usage, consolidate billing, reconcile accounts and improve compliance
- Stop fuel theft
- Access all your fleet data in one portal
Find the right fuel card for your business & start saving on fuels costs today
A fuel card is sounding like a pretty good investment right about now, yes? Well, good news! You can find the right fuel card for your business today, apply straight away and start saving on fuel costs in no time at all.
Check out ourhere to find the perfect fit.
Get in quick … there’s a catch
Most fuel providers offer some great introductory savings and fuel pump price discounts… but these are subject to change. So, in order to get the best deal on the market, it’s a good business move to apply today.
How to calculate your fuel card savings
➡️ Step 1: Make sure you have your business name handy
➡️ Step 3: See how much you can save in a free calculation