You’re losing fuel… And that means losing money. Fuel theft is just one way you lose fuel profits.
If you have been following our blogs and articles, you probably noticed that fuel theft isn’t the only way that convenience stores and fleets lose fuel profits. Whether fuel theft is a major problem or a minor annoyance, lack of inventory reconciliation can be costing you big time.
Luckily, there’s an easy solution to that: Wetstock Monitoring Solution – Fuelsuite.
EMS can help you better understand exactly how much fuel is delivered to your tanks, if it matches the bill of lading, and how much stays in your tanks at any time. Sound too good to be true? Wait until you hear that customers can save an annual $3M in inventory variance and see $2M more in fuel sales a year.
Interested in learning more? We are here to help.
Is your fuel inventory showing a loss?
This can be a stressful situation for any business owner, but it’s important to remember that this is a natural part of fuel management. It’s also something you can easily correct.
When managing your inventory, consider abnormal fuel loss as a cause of missing fuel. This type of loss comes from problems or faults within your systems – the most sinister being a leaking fuel tank. Many site managers attribute only large amounts of loss to a leak – but this isn’t always the case. A leak can be as small as two litres per day – meaning you might not even notice you’re missing fuel. With leaks this small, it’s easy to mistake “abnormal” loss as “normal”.
‘Normal’ and ‘abnormal’ fuel loss – what’s the difference?
You might be surprised to learn that there are some instances in which your fuel loss/gain is actually considered ‘normal’. It’s often caused by things such as:
- Evaporation, contraction and expansion of fuel due to fluctuating temperatures,
- Minor discrepancies due to the limitations of measuring equipment, and
- Meters that are not set to strike.
Did you know that fuel tank leaks can cost you big time?
If you’re not proactively monitoring your tanks, the consequences can be costly: fines from the EPA that can be as high as $1 million, extensive clean-up costs, loss of product and revenue, loss of customers due to poor fuel quality, and pump/tank closures.
The same goes for normal fuel loss. One fuel site experienced a discrepancy and almost issued a site investigation which would have cost them a significant amount of money—luckily they caught it before anything happened.
The only way to know if your fuel loss is normal or the result of something sinister within your tank is through consistent and accurate leak detection.
Fuel inventory is only as reliable as the data you submit to your SIRA provider.
That’s why it’s important to ensure that you’re submitting accurate and consistent data, especially if you’re measuring your fuel using a dipstick.
However, if you manage multiple fuel sites over several locations, then it’s crucial that you have real-time access to all fuel site information. This will allow you to ensure that you’re submitting quality data to your SIRA provider – therefore receiving the most accurate leak detection report.
Using a cloud-based fuel management solution like Fuelsuite allows you to access remote fuel data from a site level. It also allows you to ensure that the data submitted is consistent across all sites under one management system.
Fuelsuite is a cloud-based fuel management solution that allows users access to remote fuel site data from anywhere in the world – whether they’re at home or halfway across the country!
Want to improve your leak detection and fuel management practices?
Schedule a 30-minute demo to learn how Fuelsuite can help your business. During the demo we will:
- Understand your vision for addressing the challenges you face today managing fuel, environmental, and facility operations
- Discuss the benefits of using a comprehensive SaaS platform like Fuelsuite
- Demonstrate how the Fuelsuite platform, is tailored to your specific needs
To learn how you can find your own combo of data, analytics, and more to finally spot and stop fuel theft, download our Fuelsuite ebook.
Stay tuned for our next article. Contact us for more info.