Fleets Anticipate Rising Fuel Prices, Survey Says
REDWOOD CITY, CA - More than 90 percent of fleet professionals surveyed by Pricelock believe fuel prices will rise and are concerned about the impact on their business. In addition, only 38 percent of respondents who have considered fuel price protection have implemented plans, despite the fact that nearly 90 percent of those with price protection plans in place are happy with them, according to results from the first Annual Pricelock Fuel Pricing Survey.
Pricelock e-mailed the survey to Automotive Fleet Magazine's subscriber base of more than 19,000 people. Approximately 525 individuals completed the survey. Survey respondents included executives, fleet managers, directors, and other industry professionals associated with small, mid-sized, and large fleets. The respondents also represented a broad range of industries, including auto & transport, energy & utilities, construction, business services, government, industrial manufacturing, healthcare, and consumer products.
The survey also revealed that:
- An overwhelming 91 percent of respondents believe that fuel prices will go up, citing reasons such as speculation, emerging market consumption, world events, a weaker U.S. dollar, greed, and supply and demand.
- 96 percent of respondents who believe fuel prices will rise are concerned about fuel prices and its impact on their company.
- Of the 96 percent concerned about fuel prices, 34 percent indicate that they have considered implementing a fuel price protection program.
- Of those who have implemented a fuel price protection plan, nearly 90 percent indicate that they are happy with their fuel price protection program.
- Many of the respondents who have not protected their fleets against rising fuel prices said they have not done so because they believe their company is too small or that they lack the necessary expertise to implement a protection plan.
"The results of this survey identify a strong need for fuel price protection programs that are easy to understand and accessible to businesses of all sizes," said Naveen Agarwal, chief operating officer of Pricelock.