In the recent Emergency Budget, the Government announced that the Office of Budget Responsibility is to undertake a review of oil price variations, with a view to introducing some form of fuel price stabiliser. This would even out sudden changes in the price of fuel by altering the level of fuel duty imposed should oil prices rise.

Yet, according to Arval, firms should address fuel costs now rather than wait for a decision from the Chancellor on the possibility of such a national fuel price stabiliser. And the firm is highlighting how fuel cards, such as its own, can be used as a major tool in managing fuel costs.

Jenny Powley, sales director for Arval's card division, said: 'Management tools such as fuel cards, linked to an extensive forecourt network that offers real choice and flexibility for drivers, can make fuel a more manageable cost. The reporting data extracted means that companies can formulate an effective fuel strategy, for example, highlighting heavy fuel users in the fleet, directing their drivers to cheaper fuel sites and even setting pence per mile benchmarks that can be monitored and managed going forward. While savings vary from fleet to fleet, an effective fuel reduction strategy built upon the intelligence gathered from a fuel card solution should remove around 10% of cost from a fleet's annual fuel bill.'

She concluded: 'Tangible cost savings can be made by fleets on their fuel spend. Instead of waiting for future Government-led initiatives to attempt to reduce the impact of fuel price volatility, companies should not lose sight of their own ability to influence and actively reduce their overall fuel expenditure right now.'