Fuel prices play a pivotal role in the overall economic equilibrium and are subject to numerous contributing factors, including the cost of crude oil, taxes levied on fuel purchases, refining expenses, and transportation and distribution costs. Here are some key factors shaping fuel prices in the UK:

Crude Oil Prices: Undoubtedly, the cost of crude oil remains the single most significant determinant of fuel prices. Crude oil prices fluctuate in response to supply and demand dynamics. Presently, within the current economic climate, we observe a downward trend in crude oil prices following a sharp peak in July 2022. While various other elements influence diesel and petrol prices, it’s imperative not to overlook the strong correlation with crude oil prices.

Government Taxes: Government-imposed taxes on diesel and petrol purchases are typically aimed at offsetting infrastructure expenses and supporting environmental initiatives. In March 2022, the UK government reduced the Fuel Duty rate by 5p to counter rising costs. However, there have been indications of a potential Fuel Duty increase of up to 23% after March 2023. These signals serve as a warning to fleet managers about the prevailing economic uncertainties and emphasise the need for long-term cost-saving strategies.

Refining Costs: The cost of refining represents another significant factor influencing diesel and petrol prices. Refineries play a crucial role in transforming crude oil into usable fuel, and their operational costs inevitably impact consumers. Since the onset of the COVID-19 pandemic, we’ve witnessed record inflation affecting labour, energy, and raw material costs. Consequently, when refining expenses rise, diesel and petrol prices tend to follow suit.

The origin of the Direct Vision Standard can be traced back to the Mayor of London’s Vision Zero initiative, which aims to ultimately eliminate fatalities and severe injuries on the capital’s transportation network. To bolster this safety effort, an enhancement known as the Progressive Safe System (PSS) will be introduced from October 2024, building upon the existing DVS Safe System.

Notably, within inner London, a concerning statistic revealed that 70% of cyclist fatalities over a three-year period could be attributed to poor visibility from heavy goods vehicles (HGVs). Since 2019, there has been a significant reduction in fatal collisions involving HGVs where impaired vision was a contributing factor. In an ongoing commitment to enhancing road safety for all, it will be mandatory for HGVs weighing over 12 tonnes to possess a minimum three-star rating for operation in Greater London. It’s worth noting that the current requirement for a DVS safety permit stands at a one-star rating, but this threshold will rise by October 2024, necessitating updates to existing vehicle configurations.

One of the critical concerns during fleet inactivity is the state of your vehicles’ batteries. Prolonged idleness can lead to battery depletion, potentially causing complications when it’s time to get your fleet back on the road. Fleet Witness offers a comprehensive battery status monitoring feature. With this tool, you can effortlessly access real-time voltage readings for each vehicle in your fleet.

The beauty of our battery status reports is that they span over months, providing a historical perspective on battery performance. By closely monitoring these reports, fleet managers can proactively address low or critical voltage levels, preventing battery-related issues that often arise from extended inactivity. This feature ensures that when the need arises, your vehicles are ready for action, eliminating costly downtime and battery replacements.