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Logistics UK partners with Portland Analytics for enhanced fuel price analysis
Fuel prices have been a consistently hot topic amongst Logistics UK members, but in recent months the rising cost of petrol and diesel has generated even more frustration, debate, and queries than usual.
Whether purchasing fuel at the forecourt or receiving deliveries in bulk, increased costs have put immense pressure on budgets and hit the profitability of almost all logistics operators. By the end of May, average UK diesel prices reached £1.85 per litre, some 40% higher than in January 2020, which was before the COVID pandemic had started to impact demand. Against the backdrop of the Russian invasion of Ukraine and a de facto boycott of Russian oil by many western economies, we have witnessed surging consumption from the logistics industry and pent-up demand from many other sectors. When restricted oil supply from OPEC+ countries, a gradual return of US production, reduced fuel stockpiles and an inhibited refining capacity in other parts of the world are added to this complex picture, the cause of increasing fuel prices becomes somewhat more evident.
To assist members in understanding the factors behind fuel price movements and the developments that may impact oil prices in the future, Logistics UK has partnered with Portland Analytics, the provider of Logistics UK’s Fuel Price Information Service. Portland is recognised as an expert in every aspect of the alternative and traditional fuel industries and has been a proud partner of Logistics UK since 2017, working with members to demystify fuel pricing and help them to understand and control fuel costs. Every month, Portland will provide a snapshot of the latest developments in the oil market via its weekly Enews, delivering an up-weighted analysis to complement the existing fuel price update. The new monthly report will focus on supply, demand, and geo-political influences, discussing the effect of these factors on the UK’s fuel prices and any potential forthcoming changes which could alter the price. It will explain global oil market trends and examine what these mean more locally, delivering the information you need in a succinct and straightforward way. In these challenging times, Logistics UK is constantly seeking ways to evolve the service it offers and deliver maximum value. The first report will be published on 15 June 2022.
Looking beyond the new monthly update, if you require further fuel price data and toolkits to help you manage your spending more effectively, Logistics UK’s Fuel Price Information Service, provided by Portland Analytics, is a web-based source packed with valuable features. The service offers five toolkits, covering the entire fuel supply chain from refinery to pump and delivering a significant return on investment regardless of how you purchase fuel. Among other benefits, the service allows purchasers to monitor the variance in premiums applied by fuel suppliers, have visibility of underlying costs, compare average prices around different UK regions, and place orders at the right time to take advantage of the lowest possible price. The most recent addition to the service focuses on renewable fuels, showing prices and emissions data for alternative grades such as HVO, a low-emission replacement for conventional diesel. More information can be found by visiting the link below, where Logistics UK members can save 5% on subscriptions using the promo code LOGISTICSUK5.
*https://portlandpricing.co.uk/
Published On: 16/06/2022 16:00:00
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