TOP TIPS
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● Have a well thought out, regularly reviewed strategy. Make someone responsible for fuel purchasing and, if practical, for fuel efficiency initiatives. No one is more motivated to save money than the person responsible for the budget.
● Calculate all the costs of bunkering, including time spent buying fuel, into the price/litre equation.
● Spread your risk on price by using spot/contract mixes, more than one fuelcard and so on.
● Continually compare costs, particularly against any introductory rate offered.
● Take advice from all quarters and run their scenarios against your real-world data.
● Keep credit terms as short as possible.
● Have a fuel champion who understands purchasing and usage efficiency. It makes sense to watch costs at both ends.