Celebrating five years of the Clean Air Partnership 

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In 2019, The Fuel Store team teamed up with Forest Carbon to launch the Clean Air Partnership. The goal was to offer our customers the opportunity to offset the carbon emissions from their business by investing in woodland restoration projects. 

Since we launched the Clean Air Partnership, we have planted over 240,000 trees which equates to 113 hectares (140 football pitches) of forest. These trees have offset over 62,000 tonnes of CO2.

Carbon offsetting for fleets

Over the last five years, The Fuel Store team has been supporting customers to calculate the carbon footprint of their business using the UK government’s greenhouse gas conversion tables. From this, the team knows how much carbon the business needs to offset, and we work with the team at Forest Carbon to offset it against reforestation schemes across the UK and beyond. 

 

Talking about the partnership, Matt Cheesman, Partnerships Manager at The Fuel Store, commented, “There’s no denying that transport is a huge contributor to greenhouse gas emissions. Needless to say, there is significant work underway to decarbonise the transport sector, and the recent appointment of Louise Haugh as transport secretary has reinvigorated the focus on sustainability. However, while the industry transitions to meet sustainability goals, carbon offsetting allows companies to compensate for their greenhouse gas emissions by funding equivalent carbon dioxide savings elsewhere.“

 

The impact of our Clean Air Partnership projects 

The Fuel Store works with a credible and trustworthy partner to deliver the Clean Air Partnership. Forest Carbon is certified as adhering to specific standards that ensure each carbon credit brought represents the removal or avoidance of one tonne of CO2. Projects supported so far include: 

Balmedie Farm: Based in Aberdeenshire, this project is a predominantly native broadleaf establishment, with a coniferous element both for timber but also as a shelter belt for the native trees. The project has seen 14,510 trees planted over 6.7 hectares, offsetting 2.304 tonnes of C02. 

 

Back Greenriggs: The project, part of a larger group at Lowther, represents the conversion of arable and grazing land to sustainable forestry. The project offers considerable benefits for wildlife, water quality in local rivers, and downstream flood mitigation.

 

Keltie phase 2: The UK is the world’s second largest importer of timber. This project saw the planting of 23,500 trees to meet the UK Government’s call for more timber, and is vital in ensuring a sustainable  supply of wood for construction and other uses.

 

Doddington North: Doddington North is the largest planned new productive forest to be planted in England in the last 25 years. The forest will cover an area of around 350 hectares in Northumberland, with 36,985 trees funded by The Fuel Store and our customers. 

 

Most of the projects we support are UK-based. Outside the UK, our Clean Air Partnership has also supported a range of projects that support the rainforests and sustainable timber creation in Guatemala, Peru, and Uruguay.

 

Carbon offsetting in the transport industry 

Matt continues, “While the Clean Air Partnership can’t reduce the C02 produced by a business, it can form a critical part of an overall sustainability strategy. It is designed to help businesses become carbon neutral, which means balancing out their total carbon emissions with an equivalent amount of carbon savings elsewhere. Through the partnership, customers can invest in woodland creation and peatland restoration projects for carbon capture. As well as removing C02 from the atmosphere, these projects also help to enhance biodiversity, mitigate flood risks, and increase public access.”

 

“To be truly sustainable,” Matt continues, “it is also essential to reduce your emissions wherever possible. Using route planning and fleet management solutions such as Fuel AI can actively reduce fuel consumption, while making the switch to EV cars and fleets can also have a huge impact. There’s no doubt there’s change afoot as the industry becomes more sustainable. But, for now, offsetting is an important part of the journey.” 

 

Find out more about the Clean Air Partnership here. 

£500 of free fuel awarded in customer prize draw

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We are excited to announce that PSS Fabrications, based in Doncaster, has won £500 fuel in a prize draw, following our recent customer survey.

The survey was conducted to gather valuable customer feedback to help shape future products and services. As a thank you, all participants were entered into a draw for the chance to win £500 of credit against their chosen fuel card.

Account Manager Naomi Saunders contacted Mason Smith at PSS Fabrications with the good news. The company is set to benefit from the prize, which will help to reduce their fuel management costs at a time when fluctuating fuel prices and rising costs are impacting many businesses.

PSS Fabrications is a family-run metal fabrication business offering gates, railings, composite panels, automated and industrial gates, composite fencing, and other custom metal products in the local area.

Commenting on the draw, Jamie Bridgen from The Fuel Store said, “As we know, fuel costs can have a big impact on any business – for local traders, who rely on vehicles to pick up supplies and travel to jobs, costs can soon add up. I’m pleased that PSS has won the prize has won the prize, as I am sure it will make a real difference to them during these challenging times.”

Jamie went on to say a huge thank you to everyone who participated in the survey, stating that the feedback collected was incredibly useful. “We received some very positive comments, and we look forward to sharing more insights with our customers in the coming weeks.”

Fuel Price Pulse – 18th October

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Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

What determines fuel prices?

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week

At the start of the week, oil prices rose due to ongoing concerns over the conflict in the Middle East, and the potential impact of disruptions in oil production. These geopolitical tensions initially supported higher prices as traders anticipated potential supply shocks. However, as the week progressed, several other factors combined to bring down.

The influence of OPEC’s oil market demand outlook

On Monday, OPEC revised its global oil demand growth outlook for 2024 and 2025, projecting lower demand than previously expected. China accounted for the bulk of the 2024 downgrade as OPEC reduced its growth forecast for the country, after data for the first nine months of the year showed a 3% fall in imports. Declining Chinese oil demand is attributed to the growing adoption of electric vehicles (EV), as well as slowing economic growth.

The impact of China’s economic slowdown

The Chinese economy has been facing persistent challenges and – as a major driver of global oil demand – the challenges are impacting global oil forecasts. China’s oil imports fell for the fifth consecutive month this month, signaling a slowdown in industrial activity and domestic consumption.
Additionally, China’s government stimulus measures (which were highly anticipated when first announced) have failed to inspire confidence among investors, leading to concerns over sustained low demand growth. This has further dampened oil prices, overshadowing market fears about potential supply disruptions from the Middle East.

Ongoing tensions in the Middle East

Concerns over the possibility of Israeli retaliation against Iran’s October 1 missile attack briefly saw oil prices rise. However, these fears did not materialise into immediate supply disruptions. With tensions ongoing, traders were watching the situation very closely – with particular focus on potential Israeli attacks on Iranian oil infrastructure, and military reinforcements from the US (an effort to stabilise the region, calming some of the immediate fears of a broader conflict). Biden has publicly opposed an Israeli strike on Iran’s nuclear and energy infrastructure, which, if carried out, could have major implications for global oil supply and push prices higher.

By the end of the week, geopolitical fears had eased somewhat, reducing upward pressure on prices.

Other market pressures

Another factor contributing to the market’s downward trend is the global shift toward cleaner energy sources. As countries, including China, implement policies to reduce reliance on fossil fuels and promote renewable energy, the demand for oil continues to face long-term pressure.
The U.S. dollar hit a nine-week high on Monday. A stronger dollar makes oil, which is priced in U.S. dollars, more expensive for international buyers using other currencies. This tends to lower global oil demand, further pushing prices down.

At the same time, U.S. crude oil stockpiles were expected to have risen last week, according to a preliminary Reuters poll, while distillate and gasoline inventories likely fell. These shifts in stockpile data provide insights into supply and demand – particularly as winter approaches and demand for oil typically increases – and are being closely monitored by traders.

Next week’s fuel prices

In summary, this week’s initial price spike due to geopolitical tensions has now eased, following the release of updated economic forecasts from the International Energy Agency (IEA) and OPEC, pushing prices back down.

Looking ahead, it is expected that the market will stabilise going into next week. Continued monitoring of the Middle East and Chinese demand will remain crucial. 

 

Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Ready to find out how a fuel card can save you money? Speak to our team or explore our range of fuel cards here. 

 

 

 

The information provided in this post is for information only. It does not constitute financial advice. Pricing predictions are speculative and should not be relied upon for forecasting purposes. 

Four key takeaways from Fleet Live 2024

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Last week, Mehma Bridgen (CCO), Gareth Perks (Sales and Marketing Director) and Rachael Cordell (Senior Sales Manager), attended Fleet Live 2024, the UK’s premier fleet management and mobility event. As well as learning the value of a good pair of sturdy shoes (next time, ladies!), the terrific trio immersed themselves in some of the latest trends impacting the fleet industry.

Here, they share their insight.

Electrification is the topic on everyone’s lips

“Electrification and sustainable transport were at the top of the agenda. Conversations with our customers often touch on sustainability – from our EV charge card to offsetting emissions – so it is undoubtedly something that keeps fleet managers awake at night. For more complex fleets, full electrification isn’t always possible, but Fleet Live reinforced that fleet managers face mounting pressure to adopt greener technologies and sustainable solutions. With the recent government announcement that it will reinstate the ban on the sale of new internal combustion engine (ICE) vehicles and the implications for car, van and truck fleets – it’s no surprise it is a hot topic.” Mehma

 

Technology is at the heart of fleet management

“As sales and marketing director, I am always keen to explore trends impacting the industry – especially if there’s a digital adoption angle. I’m new to fleet management, so was really interested to chat with colleagues from across the industry about how technology is influencing day-to-day operations. There seems to be a consensus that there’s a growing role for AI in optimising route planning and logistics, as well as enhancing driver safety, and supporting asset management by highlighting opportunities for predictive maintenance. Although The Fuel Store started out as a fuel card reseller, we’ve been expanding our products and services to provide tools such as telematics and Fuel AI and, as we look at expanding our portfolio of tools, it is exciting to see a growing understanding of how AI and data analytics tools can enhance decision-making in vehicle management, and enhance overall fleet performance​.” Gareth

 

Fleet managers have a growing remit

“Over my twenty years in fuel and fleet management roles, the remit of fleet managers has evolved hugely. The days of traditional vehicle management have been superseded by a far broader spectrum of responsibilities, including sustainability issues such as the transition to EV, compliance with ULEZ and CAZ zones; understanding and interpreting data from telematics systems; a growing emphasis on driver safety, including policies and training related to driver behaviour, fatigue management, and accident prevention; asset management and total cost of ownership for fleet vehicles; supply chain issues; regulatory compliance and much more. As the remit grows, suppliers to the industry have an exciting opportunity to make themselves indispensable partners that add real value to fleet managers by providing services and solutions that lessen the load.” Rachael

 

Women in fleet management

“Women have historically been underrepresented in senior roles within the fleet and wider UK transport industry, but this year’s event felt like a huge step forward. Chatting with colleagues from across the industry, the increased focus on supporting women in transport is having a positive ripple effect – some of the UK’s most respected fleet managers are women. As Rachael has alluded to, the role of fleet managers has changed significantly in recent years, and the vast array of skills now required lends itself well to a diverse mix and style of management. Women are making a huge contribution that will undoubtedly grow in the future. As a business founder, female leader and Mum to two girls, it’s fantastic to see!” Mehma

Fuel Price Pulse – 11th October

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Prices have risen this week, compared to the same time last week. Prices fluctuated throughout the week, with volatility driven, once again, by a combination of geopolitical events, economic concerns, and weather-related events.

With prices higher than last week, Robin, Customer Success Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week.

 

What determines fuel prices?

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government.

Factors influencing fuel pricing this week.

Middle-East tensions cause prices to rise

The week began with a significant rise in oil prices. Escalating tensions in the Middle East pushed the price of a barrel above $80 for the first time since August. There is growing concern that the conflict may continue to escalate – not only putting Iran’s oil production at risk – but creating further disruptions to regional supply.

Historically, geopolitical crises in oil-producing regions, particularly in the Middle East, tend to push prices upward as markets anticipate supply disruptions or heightened risks in transportation routes like the Strait of Hormuz.

Prices fall due to concerns over the Chinese economy

Mid-week, prices experienced a pullback due to renewed concerns over the health of China’s economy, the world’s second-largest consumer of oil. Despite recent speculation about Beijing introducing a major economic stimulus package, the absence of any substantial spending commitments led to disappointment among traders.

China’s economy is a key driver of global oil demand, and any indication of slowing growth or weaker economic policy initiatives can quickly reverse market sentiment.

Hurricane Milton impacts demand

By Thursday, prices stabilised and edged higher. Hurricane Milton, the fifth-most-intense Atlantic hurricane on record, caused widespread disruption in Florida. Around 25% of the fuel stations in the state ran out of gasoline, creating a sudden spike in demand for crude oil which pushed prices higher. Speculation of a fall in demand across the state in the aftermath further fuelled volatility.

Weather-related supply chain interruptions often lead to short-term spikes in fuel prices, as seen in this case.

Next week’s fuel prices

Looking ahead, we predict that prices will continue to rise next week. This is due to ongoing geopolitical concerns in the Middle East. Despite no immediate military retaliation from Israel as some had expected, the threat of escalation remains. Israeli Defense Minister Yoav Gallant has stated that the decision on a potential attack on Iran will rest with Prime Minister Benjamin Netanyahu and another member of the Security Cabinet, which leaves the market on edge. News breaking today (11th Oct) states that Gulf states are lobbying Washington to stop Israel from attacking Iran’s oil sites because they are concerned their own oil facilities could come under fire. Traders often respond preemptively to such geopolitical risks, fearing potential supply disruptions that could arise if the conflict spreads or intensifies.

In summary, this week’s market movement highlights the sensitivity of oil prices to a variety of external factors, from geopolitical tensions and economic data to natural disasters. While prices have fluctuated, the general trend remains upward, driven by fears of escalating conflicts and supply chain disruptions. These factors, along with underlying concerns about global economic health, suggest that volatility will persist in the coming weeks.

Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Ready to find out how a fuel card can save you money? Speak to our team or explore our range of fuel cards here. 

 

 

 

The information provided in this post is for information only. It does not constitute financial advice. Pricing predictions are speculative and should not be relied upon for forecasting purposes. 

Fuel Price Pulse – 4th October

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Oil prices have risen above $76 a barrel this week, due to fears that supplies could be disrupted. However, prices remain lower than levels seen earlier this year, and well below the peak of $130 a barrel that followed Russia’s invasion of Ukraine in 2022.

 

With prices higher than last week, Robin, Revenue and Retention Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week. 

 

What determines fuel prices? 

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government. 

 

Factors influencing fuel prices this week: 

With prices higher this week than last, we explore the factors influencing recent price fluctuations: 

Middle East Tensions 

At the start of the week, oil prices were slightly lower, but concerns about potential conflicts in the Middle East heightened midweek. A dramatic escalation in hostilities between Iran and Israel further added to worries on Tuesday, when Iran launched a ballistic missile attack on Israel. 

Markets reacted with a sharp 3% rise in oil prices due to fears of further escalation. Investors are now concerned about Israel’s potential retaliation, especially targeting Iranian oil infrastructure. In an off-the-cuff statement, US President Joe Biden said that his administration has been “discussing” possible Israeli plans to attack Iran’s oil industry – triggering a further spike in oil prices. As the world’s 7th largest oil producer, any disruption to Iran’s oil supply is a significant concern for global fuel costs. 

OPEC production 

OPEC’s recent decision to halt its gradual increase in oil production has added another layer of uncertainty to the market. By constraining supply, OPEC is driving up prices amid growing global demand. Financial institutions had already anticipated a shift to $60 per barrel in the coming months, even before the latest geopolitical developments. This OPEC policy signals that supply could worsen if the geopolitical crisis leads to further disruptions.

5% rise in oil prices 

Prices have spiked by 5% since the beginning of the week – showing that the oil market is highly reactive to any news concerning potential supply chain disruptions. 

Next week’s fuel prices

We predict the market will trade higher next week. 

Overall, the combination of geopolitical risk, OPEC’s production constraints, and market anxiety is expected to keep fuel prices rising as the week progresses. 

Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Ready to find out how a fuel card can save you money? Speak to our team or explore our range of fuel cards here. 

 

 

 

The information provided in this post is for information only. It does not constitute financial advice. Pricing predictions are speculative and should not be relied upon for forecasting purposes. 

Fuel Price Pulse – 27th September

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Robin, Revenue and Retention Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week. 

 

What determines fuel prices? 

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government. 

 

Factors impacting fuel prices this week

Oil prices went up by about 2% on Tuesday, reaching their highest level in three weeks. This increase was driven by China’s announcement of a major financial boost to its economy and worries that the growing conflict in the Middle East might disrupt oil supplies from the region.

 

Despite this initial rise, prices dropped slightly after it became clear that a hurricane expected to hit the major US oil-producing region was instead heading for Florida. Some offshore producers had evacuated platforms or closed rigs early in the week, as a precautionary measure. Some firms, including Shell, restored production as the storm forecasts shifted away from their offshore platforms.

 

News reports also showed a sharp drop in U.S. consumer confidence, the biggest in three years. U.S. consumer confidence is a strong indicator of future economic activity and demand for goods and services. A significant drop in consumer confidence can directly and indirectly reduce fuel demand, applying downward pressure on oil prices.

 

Crude oil inventories in the United States fell by 4.339 million barrels for the week ending September 20, with further drops expected – the fifth decline in six weeks. This decline in stored oil supplies has also influenced market dynamics.

 

Rising tensions in the Middle East, including an Israeli airstrike in Beirut, have shifted market sentiment away from the recent pessimism about oil prices. Concerns are also growing that the conflict could pull Iran, a key oil producer and OPEC member, into a conflict with Israel.

 

Meanwhile, a pending resolution to Libya’s central bank crisis looks set to restore significant oil supply. Delegates from Libya’s east and west have agreed on the steps and timeline for appointing leaders of the central bank, according to the United Nations. This deal could ease tensions over who controls the central bank and oil revenues, which have been causing a sharp drop in Libya’s oil production and exports in recent weeks. 

 

Oil prices fell by 3% on Thursday after a Financial Times report revealed that Saudi Arabia plans to abandon its unofficial goal of reaching $100 per barrel for crude. The report indicated that Saudi Arabia, along with OPEC and its allies, is preparing to increase oil output in December. Experts note that the planned production increase, adding about 180,000 barrels per day, could loosen the global oil supply balance, with speculation that Saudi Arabia might be entering a price war with other oil producers. This has caused uncertainty in the oil markets, which were already concerned about future oil supply and demand balances in 2025. Investor sentiment is low, reflecting worries about the potential instability in global oil markets.

 

Meanwhile, OPEC has raised its medium and long-term oil demand forecasts, citing growth in countries like India, Africa, and the Middle East and a slower shift to electric vehicles and cleaner fuels.

 

Next week’s fuel prices

 

We predict the market will be more stable going into next week. Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Ready to find out how a fuel card can save you money? Speak to our team or explore our range of fuel cards here. 

 

 

 

The information provided in this post is for information only. It does not constitute financial advice. Pricing predictions are speculative and should not be relied upon for forecasting purposes. 

Fuel Price Pulse – 20th September

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News hit last week that fuel prices were at their lowest since October 2021. Over the last week, a US interest rate cut, Middle East tensions, declining global stockpiles and weak demand from China have all influenced the cost of crude oil and fuel pump prices.

Robin, Revenue and Retention Manager at The Fuel Store, shares his insights into the factors impacting fuel prices, including his predictions for fuel costs as we head into next week. 

 

What determines fuel prices? 

 

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government. 

 

Factors impacting fuel prices this week

 

The market has settled stable in comparison to last week.

 

On Monday, oil prices dipped slightly as traders reacted to Friday’s late losses. U.S. traders had sold off covering positions after news that refineries had sustained no serious damage from Storm Francine. However, a statement from the U.S. offshore energy regulator on Sunday reported that nearly a fifth of crude oil production output in U.S. Gulf of Mexico federal waters remained offline. While refineries were reported undamaged, these production outages are keeping supply tight, supporting prices.

On Tuesday morning, Oil prices remained relatively unchanged. However, by the afternoon, prices began to rise in anticipation of a possible 0.5% cut in US interest rates. As expected, Oil prices posted modest gains of more than 1% on Thursday, following a confirmed cut in U.S. interest rates.

Crude inventories in the U.S., the world’s top producer, fell to a one-year low last week, government data showed on Wednesday. Exports are expected to rebound in the coming week following disruptions from Storm Francine.

Declining global stockpiles have helped offset some of the demand concerns arising from weak consumption in China. However, China’s slowing economy continues to limit oil’s gains. The latest Chinese refinery output data was weaker than expected, falling to a 22-month low of 13.91m bpd. The most recent new car sales data from China shows that sales of “new energy vehicles” were higher than sales of ICE vehicles for a second month. As electric vehicle sales surge, driven largely by China, the impact on oil consumption will likely become even more pronounced.

Traders are also following developments in the Middle East, after thousands of pagers and radio devices exploded in two separate incidents in Lebanon – injuring thousands of people and killing at least 37.

 

Next week’s fuel prices

 

We predict the market will be more stable going into next week. Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Ready to find out how a fuel card can save you money? Speak to our team or explore our range of fuel cards here. 

 

 

 

The information provided in this post is for information only. It does not constitute financial advice. Pricing predictions are speculative and should not be relied upon for forecasting purposes. 

The Fuel Store strengthens its leadership team with two new appointments

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The Fuel Store has strengthened its senior team with the appointment of Gareth Perks as Sales and Marketing Director, and Rachael Cordell as Senior Sales Manager. 

Based in Birmingham, The Fuel Store started life in 2016 as a fuel card retailer. Over the last eight years, the business has grown to offer unrivalled forecourt coverage and fleet management tools, including telematics solutions and AI-inspired tools that transform fleet data into actionable insights. Despite a sharp growth trajectory, The Fuel Store has stayed true to its core values as a family business that prides itself on excellent customer service. 

The two new appointments are key to delivering the next stage of The Fuel Store’s growth strategy, with a focus on expanding its fleet management product portfolio and improving market share through ongoing service excellence. 

 

Gareth Perks, Sales and Marketing Director 

As Sales and Marketing Director, Gareth is a strategic addition to The Fuel Store’s Senior Management team. An experienced sales and marketing leader, Gareth has a passion for transforming businesses through innovative customer experiences, multichannel marketing and establishing strong customer and partner relationships. In his new role, Gareth will be focused on driving the marketing and sales teams to deliver against The Fuel Store’s promise of Better Service, Better Pricing, Better Products. 

Speaking about his appointment, Gareth commented. “I’m very excited to join The Fuel Store and look forward to evolving the digital experience, improving customer journeys and growing our market share. I am committed to delivering a brand, product range and user experience that resonates with customers – objectives that align closely with The Fuel Store’s future growth plans.”

 

 

Rachael Cordell, Senior Sales Manager

 

With over 20 years of sales experience, Rachael has held senior business development and product innovation roles at downstream and fuel card businesses. Her extensive knowledge of the fuel and fleet industry and passion for customer service will be invaluable in her new role, which is focused on key account management, customer experience and sales leadership. 

Rachel added, “Having worked in the industry for many years, I’m excited to be part of an innovative and passionate team striving to deliver real differentiation in terms of product and service.”

 

 

Jamie Bridgen, Founder of The Fuel Store, commented: “I’m delighted to have appointed Rachael and Gareth to the team. They both have a wealth of leadership experience across industry, and a track record of driving growth in their previous roles. They will play a critical role in delivering against our mission to grow, innovate and provide excellent customer experience.”

Fuel Price Pulse – 13th September

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News hit this week that fuel prices are at their lowest since October 2021. Reduced wholesale fuel costs have been attributed to a lower oil price, together with a favourable Sterling to US dollar exchange rate.

With speculation around the fuel duty cut still looming large on the horizon, Robin, Revenue and Retention Manager at The Fuel Store, shares his insights into the factors that are impacting fuel prices, including his predictions for fuel costs as we head into next week. 

 

What determines fuel prices? 

The price you pay for petrol and diesel at the pumps is governed by wholesale fuel prices. Wholesale prices are influenced by a range of factors, including supply, demand and pricing for crude oil, oil refinery production levels, the pound-to-dollar exchange rate, socio-economic and political factors that might impact production/demand, the margin (profit) taken by fuel retailers, and fuel duty and VAT charged by the Government. 

 

Factors impacting fuel prices this week

A number of factors are causing the market to trade lower this week, in comparison to this time last week. 

  • On Monday, prices rebounded in a corrective rise after last week’s losses, which intensified on Friday after the release of US payroll data. 
  • However, on Tuesday afternoon prices fell sharply when OPEC (Organisation of the Petroleum Exporting Countries) downgraded global demand growth forecasts for 2024. In its monthly oil report, the group revised demand growth to 2.03 million barrels per day from the previous forecast of 2.11 million barrels per day.
  • On Thursday, prices were also impacted by Tropical Storm Francine, which tore through off-shore oil-producing areas in the Gulf of Mexico. Around 40% of US crude oil production was hit, totaling 675,000 bpd, and reducing operations at six refineries. 
  • Crude exports have been hit by unrest in Libya, with oil exports falling around 81%, according to Kpler data, as the National Oil Corporation cancelled cargoes amid a crisis over control of Libya’s central bank and oil revenue.
  • Demand expectations remain dismal as both OPEC and the International Energy Agency this week lowered their demand growth forecasts, citing economic struggles in China, the world’s largest oil Importer.
  • The recent run of weaker Chinese economic data suggests that oil demand in the world’s second-largest economy may remain subdued for longer, while demand has been soft in other countries outside of China as well.
  • Oil prices are likely to keep falling, the head of the International Energy Agency has said, as producers continue to pump volumes that exceed global demand. 

Next week’s fuel prices

We predict the market will trade lower going into next week, resulting in lower prices at the pump. Businesses and drivers can reduce costs further by opting for a fuel card. In 2023, customers of The Fuel Store saved an average of 12 ppl off forecourt costs. 

Ready to find out how a fuel card can save you money? Speak to our team or explore our range of fuel cards here.