Even with lower prices, fuel continues to be among the top costs for fleets. Fleets share some of their best practices to manage fuel.
Fleets can manage the risk of rising fuel prices with financial instruments known as fuel hedges.
WEX Inc. has extended its existing fuel-price risk management program through the third quarter of 2014. On March 18, the company said it locked in a fuel price range for approximately $3.43 to $3.49 per gallon during this period.
Controlling fuel costs through hedging is an option for fleets looking to gain budget stability. As with any strategy, fleets must weigh the pros and cons to determine if a fuel hedging strategy is suitable to their specific needs.
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