With record high fuel prices this summer, motor carriers continue to battle the current round of market instability and face inflated prices head-on.
We recently partnered with FreightWaves to survey and analyze a diverse group of carriers about their current perception of their own fuel spending, their outlook regarding the coming year and the most effective cost-mitigation strategies. The survey results and analysis of responses are included in this free whitepaper, entitled Facing Down Fuel Costs.
Our Chris Orban, vice president and business area manager of the Supply Chain Insights Group, recently joined FreightWaves’ What The Truck?!? to discuss the impact of higher fuel costs and key findings from the survey. Check out their engaging conversation below!
Identifying Ideal Opportunities to Refuel
Due to the nature of the trucking industry, not only do drivers and fleet leaders need to be mindful of prices in their home geographic regions, but they need to monitor costs in all regions they drive through.
The difference between fuel costs in one state versus the prices over the state border, or just the next town down the interstate, can be drastic. Failing to monitor fuel prices results in unnecessarily overpaying for fuel, which quickly adds up.
In line with this concept, the majority of survey respondents reported that they monitor diesel costs in specific geographic regions in order to maximize fuel savings. However, precisely one-third of respondents do not, missing an opportunity to cut down on costs.
Asset Management Keeps Fuel Spend Down
Most fleets surveyed anticipate the current troubling fuel cost trend will continue over the coming year. Additionally, many respondents believe they will experience an increase of roughly 11% to 25% in fuel costs. Sustained fuel price increases are challenging to budget for and manage, but some aspects of a company’s fuel spending are in its control.
The whitepaper reports that fleets found frequent asset management to be an important method for keeping fuel spend down. Staying on top of issues before they become a problem keeps operations running optimally and can help fleets get in front of price upturn.
Drive Down Fuel Costs with Trimble
Taking action through proactive strategies can help fleets get in front of the continuing high prices. Modern technology solutions like Trimble’s support traditional means of reducing and monitoring a fleet’s fuel consumption in a simpler and more effective way.
Contact us today to learn how our technology allows fleets like yours to find new ways to take control of spending – enabling you to continuously drive efficiencies, maximize utilization and more readily participate in a connected supply chain.