Pricelock conducted our second annual Pricelock Fuel Pricing Survey to gain insight on businesses' views on fuel pricing, its impact on their business and fuel price protection programs. Survey respondents included executives, fleet managers, directors and other industry professionals associated with small, mid-size and large companies representing a wide range of industries.
- An overwhelming 99% are concerned with fuel prices in 2011.
- When fuel prices rise, 65% are forced to absorb higher fuel costs while only 16% pass it on by raising prices.
- Top fuel concerns are fuel efficiency (44%) and inability to control fuel costs (40%).
- While 31% have considered implementing a hedging program, only 35% have actually implemented a program. These tend to be firms with large fleets and high fuel usage volumes.
- Nearly 85% who have hedged fuel are happy with their program.
- Almost 75% are willing to drive out of their way for 25¢/gallon cheaper gas with 25% who would drive 5 miles or more.