A considerable number of businesses around the UK use fuel cards. Such provisions can help organisations achieve greater control over their spending and also mean they are able to benefit from cost savings. And new research has found that the fuel card industry is growing as petrol and diesel bills rise.
The Datamonitor study suggested that high prices at the pump are driving a rise in the number of companies making use of fuel cards. It revealed that the fuel card industry was valued at €72 billion (£60.79 billion) in 2009 and 987 million more litres of fuel is set to be purchased using fuel cards in the next three years.
Responding to the findings, analyst at the company Alex Jeater said: “Although businesses in Germany currently spend the most on fuel cards, growth is currently being driven in countries with high pump prices, such as the UK. Consequently, the amount spent on commercial fuel cards in the UK will increase by 8.4 per cent between 2009 and 2012.”
Meanwhile, Datamonitor also predicted there will be significant growth in the use of such cards in Eastern Europe over the next two years. It suggested that in the Czech Republic, Hungary and Romania there will be increases of nearly 20 per cent, 11.5 per cent and ten per cent respectively.
On this, Mr Jeater remarked: “This growth will be driven by the predicted increase in registered company cars and vans, as well as the fact these markets are less mature than elsewhere in Europe.”At present, companies across Europe and the rest of the world are doing their best to reduce costs to help them survive during the tough economic conditions. It is only by being savvy and taking advantage of the opportunities available to them that they will be able to remain in operation.