SPARKS, MD - PHH Arval has announced a strategic partnership with Pricelock Inc., the leading online provider of fuel-price hedging solutions, to provide fuel price protection to its clients. Effective immediately, PHH Arval can help fleet managers protect their organizations against unpredictable fuel prices and ensure budget predictability.
Pricelock fuel price protection helps companies of all sizes control their fuel budgets through an innovative plan that reimburses them when the national average fuel price rises above a pre-established level. Gasoline price volatility is a primary concern for fleet managers; in 2011, gas prices have already increased 17 percent through the end of March. Fuel price protection can minimize exposure to price fluctuations by establishing a stable gas budget, adding predictability to the bottom line.
“Pricelock is delighted to work with PHH Arval to help its clients stabilize their fuel budgets,” said Naveen Agarwal, COO of Pricelock. “Given the erratic behavior of oil prices in recent months, fuel costs are an even greater source of concern for fleet managers. Our award-winning approach to fuel price protection is designed to eliminate price volatility and bring our customers peace of mind.”
“As a leading provider of fleet management solutions, PHH is committed to identifying new and innovative ways for our clients to controlcosts,” said Steve DiBiagio, PHH Arval’s Senior Vice President of Strategic Alliances. “We have selected Pricelock’s fuel price protection program because it is a proven, easy-to-implement way for our clients to manage fuel costs.”
For more information on Pricelock fuel price protection, visit: www.pricelock.com.
The national average price of a gallon of unleaded gasoline increased 1 cent to $2.88 for the week ending July 16 and has climbed 3 cents since the Fourth of July holiday, according to AAA.