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Chevin Fleet The trucking industry has been feeling the pinch of rising fuel costs as prices increased from $1.18 to a record high of $5.20 a gallon in just two weeks. Crude oil prices rose to their highest in nearly 14 years as the U.S. and U.K. announced that they would prohibit Russian oil imports as President Vladimir Putin continues with his invasion of Ukraine. Small trucking operators feel the heat as they continue to absorb the fuel cost increases. As a result, many of these businesses struggle to stay afloat, and some are even going out of business. The trucking industry also sees higher shipping costs, resulting in increased prices for consumers. So far, there doesn’t seem to be an end in sight to the climbing fuel prices, and the trucking industry will have to continue to adapt. How to Cushion the Blow from Rising Fuel Costs To mitigate the impact of rising fuel costs, trucking companies need accurate data on their fleet operations to analyse and make practical improvements in their company. A comprehensive GPS tracking solution is an effective way to monitor and calculate how much gasoline or diesel an entire fleet consumes each month and year. A fleet asset management software is also crucial for analysing data and generating automated reports that help companies improve fuel economy and make the most use of their resources. Fuel consumption, vehicle maintenance, driver behaviour, route efficiency, and productivity are vital areas that truckers can improve using fleet management and tracking software. For instance, tracking and analysing fuel consumption data helps identify which drivers and vehicles use more fuel than necessary. Truckers can then use this information to improve driver behaviour and change routing to save gasoline or diesel. Ultimately, by understanding where your fleet is spending the most money, you can save on your company's fuel, repair, and operation expenses. Sources: https://www.chevinfleet.com/ https://www.chevinfleet.com/asset-management-software/ https://www.newsnationnow.com/morninginamerica/trucking-companies-hit- especially-hard-by-surging-gas-prices/ https://www.supplychainbrain.com/articles/34716-fuel-price-hikes-hit-shippers- truckers-across-us-economy https://www.lvmtrack.com/2021/08/09/how-you-can-save-money-during-the-oil- and-diesel-price-surge/
