Over the past few months of 2022, the price of fuel at the pump has continued to witness a persistent increase with no indication of a halt.
Consumers are currently paying an average of ¢11 per litre for both petrol and diesel. Price volatility on the market as well as the rise in crude oil prices on the international market is to blame for the surge in fuel prices. This is according to the Chamber of Bulk Oil Distributors.
Rise in Fuel Prices- Reaons
According to the Chief Executive, Senyo Hosi, the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities.
“This is not really with crude but with products on a metric tonne basis. You’re actually breaking the pair and likely breaking 11 as well, subject to which product and how the OMCs want to add some margins on their current prices.
“What you see from the OMCs publication is quite reflective of what the market situation is and I think a big chunk of it has to do with some of the onset increase around our current cedi issues,” he said.
Effects of Rising fuel prices on your business
Whether it is fuel to get your factory machines running, fuel to fill your company’s fleet of vehicles or just a single vehicle, fuel prices can punch a hole in your business finances. Rising fuel prices increases operational costs, which may lead to possible customer losses or job losses.
It is possible for the unthinkable to happen and for fuel prices to go up higher. Whatever be the case, man must still survive.
As we celebrate Global Money Week 2022, here are 5 helpful tips to reduce the effects of rising fuel prices on your pocket.
5 helpful ways to mitigate the effects of rising fuel prices
#1 Maintain your vehicles
A fined tuned engine helps to reduce the consumption of fuel while clean oil filters help to improve mileage. Also, make sure to use the required oil for your engines as the wrong oil may overwork your vehicle engine and consume more fuel.
#2 Reduce your idling time
When stuck in heavy vehicular traffic or when your vehicle remains idle for over a minute, make sure to turn off the engine to avoid wastage of fuel.
#3 Reduce air conditioning
Air conditioning requires a whole lot of fuel so when possible, turn off your air conditioning to save fuel consumption.
#4 Select quiet routes
Using best routes such as avoiding traffic jam prone areas, and places with fewer traffic lights can help you just as much as using shorter routes to cut down on your fuel consumption
#5 Maintain optimal tyre pressure
Poorly inflated car tyres increase resistance causing your vehicle to use up more fuel. Hence the need to keep your tyres at optimal pressure to improve fuel economy.