As US drivers pay the lowest fuel prices at the pump since 2010, a Connecticut-based company is offering organisations an innovative way to ensure that what goes down does not go up again, at least for up to 12 months. Energy Solutions Group LLC has announced the launch of FuelFox, a new gasoline and diesel price protection programme, which offers price certainty on wholesale fuel prices for up to one year. FuelFox programme participants operate business as usual – fuelling up their vehicles at any gas station or retail outlet -- but with the peace of mind of a predictable, stable rate.
“For any organisation with a fleet of vehicles, fuel can be a significant variable cost,” said Chaitu Parikh, Chief Operating Officer. “Our FuelFox programme empowers businesses and municipalities to transform an unknown into a known, and in the process, improve the accuracy of long term budgets and forecasts. Of course, no one knows for certain how fuel prices will shift but with rates at multi-year lows, now is an opportune time to leverage FuelFox to take the guesswork out of changing gas and diesel prices.”
On average, a fleet that consumes 20 000 gal./month of gas will pay an extra US$30 000/y if wholesale fuel prices increase just 10%. Although fuel prices overall are still at levels not seen in six years, AAA reported on 29 February that the national average price of gasoline was up US$0.04/gal. in just one week and is likely to continue to rise as the spring refinery maintenance season ramps up.
“Businesses and organisations don’t have to accept whatever retail rate is being charged for gasoline or diesel fuel,” Parikh explained. “We’re pleased to offer a smarter choice when it comes to price certainty at the pump.”
Adapted from press release by Francesca Brindle
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