Fuel price could drop following “volatile” year

Fuel price could drop following “volatile” year

Drivers in the UK have been told to prepare for a potential drop in fuel prices in the new year, following the most volatile year in history for petrol and diesel prices.

RAC Fuel Watch forecasts that diesel, petrol and super unleaded prices should “fall sharply” in the coming days and weeks. This follows a period of gradually dropping costs.

On average throughout the UK, motorists are seeing petrol prices at 152.18p per litre, as diesel remains higher than super unleaded (168.95p) at nearly £1.75.

The fuel prices peaked in July of 2022, with the average cost of petrol hitting 191.53p, with diesel almost reaching £2 per litre.

What affects wholesale prices?

The wholesale cost is determined by a combination of factors which include: currency exchange rates, global oil prices, domestic supply and demand. Following the Russian invasion of Ukraine, oil prices raced to record levels.

UK Motorists have dealt with the dramatically shifting prices in the last two years, with the coronavirus pandemic also having an effect.

For further context, at the start of 2020, average petrol prices were 127.52p, with diesel at 132.19p.

Prices dipped to a four-year low in May 2020 as a result of national lockdowns and fewer people on the road, with petrol at £1.06 per litre. Since then, it has been climbing as global pressures and oil prices have forced prices up.

How can Cambrian Fuelcard Services help?

While fuel prices are predicted to drop in 2023, for those that run a business, there are more ways to help save time and money.

At Cambrian Fuelcard Services, we have a portfolio of fuel cards with a current network of over 8000 UK sites, including access to an extensive electric vehicle charging network under our Shell EV card.

We are a family run business with over 40 years of industry experience. Our longevity is based on giving our customers great fuel cards and unparalleled customer service.

The following are a list of how we can assist your business in helping to save both time and money:

  • They remove the need for cash

Fuel cards remove the need for your drivers to carry cash on them to pay for their fuel. This makes the process safer and more secure, with all fuel costs paid through your one account.

  • They reduce the amount of administrative duties for your company

Regardless of whether your company is large or small, every business can significantly reduce the amount of paperwork and administration by introducing fuel cards to your fleet.

As everything is handled through one account, this means that you can receive one detailed invoice listing the payments, instead of having to trawl through endless paper receipts.

You will be able to see which vehicle has filled up where, what type of fuel, cost and where it was filled up.

  • They give you much more control over your company

Fuel cards give you the option to specify exactly what can and cannot be purchased with them. Depending on the type of fuel card you choose, it can even only allow you to fill up at certain stations.

This can help to reduce fuel fraud, which can have a massive drain on your company’s expenses.

  • Fuel cards can offer consistent pricing on fuel

Fuel cards will often allow businesses to purchase fuel at wholesale costs, which is consistent across the whole United Kingdom. This can mean significant financial savings.

It also allows you to budget more effectively, as you will know the cost of fuel prior to travelling.

  • Flexibility on forecourts

Finally, our fuel cards offer you so much flexibility on forecourts. Our fuel cards can be used at hundreds of sites all over the United Kingdom, offering flexibility and convenience to your drivers.

It is a quick and easy way to make the transaction, allowing your drivers to get back on the road quickly.

  • Fuel cards offer rewards

It is more than likely your fuel card will offer you and your company some form of reward, whether that is in the form of supermarket points, or another incentive for you to go and fill your vehicle up at their fuelling station.

  • Monthly reports

Much like invoicing, at the end of each month, you will receive a full report at the end of each month, which will detail where and when each card was used, at what fuelling station, and by who.

On top of that, you will be able to see how much the card is being used, and how much each transaction is. This allows you to track each member of your team, and your fleet, to keep a close eye on the company finances.

This will help you to spot any wrongdoing a lot sooner than you would in cases where a fuel card was not used.

Fuel prices could drop following “volatile” year

Useful Links

To find out more about our fuel cards click here – https://www.cambriancards.com/fuel-cards/

To learn how our telematics solutions will help your fleet become more efficient and effective, click here – https://www.cambriancards.com/telematics/

RAC Fuel Watch: https://www.rac.co.uk/drive/advice/fuel-watch/