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How to Reduce Your Fuel Costs as Gas Prices Rise

Reduce costs as gas prices rise

How to Reduce Your Fuel Costs as Gas Prices Rise

According to Automotive Fleet, the cost of gasoline can account for up to 60% of a fleet’s overall operating expenses. This emphasizes how crucial fuel management is for fleet managers as you are in charge of setting the fleet’s budget, determining its profitability ratio, and meeting other performance goals.

 

 

Using a telematic fleet management technology is an intelligent approach to maximize vehicle MPG efficiency and lower fuel expenditures, despite the volatile fuel prices. Here are some fleet management goals you might consider in order to begin generating a return on investment (ROI):

 

 

1. Avoid Unnecessary Idling

 

According to the U.S. Department of Energy, idling can burn up to a half-gallon of fuel each hour. The size of the engine and how much the air conditioner is operated determine the precise quantity of fuel required while idling.

 

Why should we pay such close attention to idling? With a telematics-based three-month driver challenge, the pest treatment and home services firm Orkin reduced idling by 8.4% and saved an estimated $50,000. Idling wastes fuel and generates residues that over time harm engine parts and raise maintenance expenses. Additionally, idling affects the community’s health and well-being and adds to air pollution.

 

Encourage drivers to turn off their vehicles while parked or not in use as a quick best practice. Argonne National Laboratory claims that restarting your car only uses roughly 10 seconds’ worth of fuel.

 

Another efficient technique to combat, track, and monitor idle is to use a fleet management system. Fleet managers can create idling cost reports and set idle limits with the aid of telematics. As its name implies, a Weekly Idling Cost Trend Report is an excellent tool for weekly idling cost analysis. It can also provide data as a graph for better comprehension.

 

 

2. Track and Manage Fuel Trends

 

The mission of Connected Vehicles is to assist businesses in realizing their full potential and maximizing their telematics investment. With software applications, you may increase MPG and lower your overall gasoline costs. You may track fuel economy, gasoline cost, cost per fill-up, and monthly fuel spending with the aid of the straightforward and user-friendly Fuel Tracker Add-In, which can be amalgamated into your telematics software.

 

To better understand your fleet’s usage you can do a deeper dive into the data such as does your sales team always fill up on a Friday? Do any of the company vehicles have a considerably lower fuel economy where performance or theft could be a concern? Which vehicle should I purchase on my next procurement cycle to align with my fuel economy goals/results?

 

 

3. Monitor Tire Pressure

 

For every 1 pound per square inch (PSI) decrease in the average tire pressure, the U.S. Department of Energy estimates that under-inflated tires can reduce gas mileage by around 0.2%. By keeping an eye on tire pressure, you can save money on fuel. Check tire pressure periodically, especially when the weather changes because it is also influenced by outside temperatures. In cold or severely hot areas, this is particularly true.

 

If a vehicle’s tires are inflated to the recommended pressure, it will be clear from a Tire Pressure Monitoring System (TPMS) report. Before setting out on their excursion, drivers should also check the pressure in their tires.

 

 

4. Conduct Routine Maintenance Inspections

 

Fuel economy can be increased by routine maintenance. Using the manufacturer’s suggested grade of motor oil can increase gas mileage by 1% to 2%, according to an article in Fuel Economy. A vehicle’s mileage can be increased by 40% by changing the oil, replacing the air filters, or just resolving maintenance problems.

 

Simple auto repairs might have a negative financial impact. A fleet management software can manage vehicle maintenance, identify engine problems, stop vehicle wear and tear, and offer essential engine data. Save time and money by implementing a telematics system.

 

 

5. Verify the Oxygen Sensor’s Functionality

 

By tracking the amount of oxygen still present in the exhaust, oxygen sensors primarily keep an eye on the effectiveness of combustion. However, there is a good chance that they will deteriorate over time, which will increase gas mileage. According to the U.S. Department of Energy, replacing a damaged oxygen sensor can increase mileage by up to 40%.

 

Since the 1980s, every car produced has had at least one oxygen sensor installed. The oxygen content of the exhaust gases from the vehicle is continuously analyzed by these sensors. The engine computer uses input from the sensor to calculate how much fuel to add to each combustion cycle. Sadly, these sensors do eventually need to be updated and can become faulty.

 

By configuring email or pop-up exception notifications when a problem is detected with the oxygen sensor, Geotab can assist in identifying defective oxygen sensors.

 

 

 

6. Investigate EVs

 

Fleets should start assessing EVs and figuring out where they might fit because electrification doesn’t happen immediately. In general, electricity expenses are less expensive and more reliable than those of fossil fuels, making budgeting easier while also obtaining cost savings through lower maintenance expenditures. In addition to being more environmentally benign, EVs will be essential in building a fleet that is more sustainable.

 

Along with your equipment and vehicles, EVs may be tracked via telematics. View trend reports, fuel and EV energy usage reports, and EV charging information. To maintain operations and make plans for the future, access EV data from your fleet management software.

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