Fuel theft fears grow after diesel prices rise 40% in 12 months

By now, rising prices are nothing new in themselves - they’re now a grim reality for everyone, from commercial fleet operators to individual households. And as countless people all over the UK become forced to rely on increasingly desperate measures to keep their heads above water, the risk of fuel theft is accordingly rising for businesses. That’s where we can help at TankSafe. Our TankSafe Optimum is specifically designed to secure your fuel supply against everyone from eagle-eyed criminals to enterprising passers-by - or even your own staff. 

It’s that last one that’s becoming an increasing concern for many fleet managers in the current climate, especially since prices have now risen by a staggering 40% over just the last 12 months. So here’s what you need to know about the current situation, and how you can help to protect your fleet from the fallout. 

How much are prices rising by?

Figures from the RAC show that the average price of diesel rose by over 22p per litre in March, peaking at 179p on March the 23rd. (That’s twice as much as the price of petrol rose during the same month.) 

For comparison, the previous worst month for diesel price rises was in May 2008, when the cost went up by about 8p a litre. The figures for March 2022 are roughly three times that, at more than 22p a litre. 

All that meant the cost of a tank was up £12 in March, from £85.38 to £97.51 per litre. Filling up a full tank of diesel now costs over £15 more than it did at the start of January, and almost £28 more than a year ago. That’s a 40% increase - a massive figure.

The situation hasn’t improved in the intervening months - as of the 12th of June, it now costs an average of £105.01 to fill a typical family car’s 55-litre tank with diesel. 

All this is obviously putting a huge strain on individual households, especially self-employed people, or sole traders who rely on their vans for work. 

What’s causing all this? 

We’ll spare you the detailed breakdown of the world economy, and give you the broad strokes. The key factor involves the rising cost of crude oil, which is used to make petrol and diesel. 

Part of the reason why it’s skyrocketing can be traced back to the pandemic. As worldwide lockdowns were enforced, everyone stopped driving, and the demand for energy collapsed. That drove down crude oil prices to - here’s that word again - unprecedented levels. And when the lockdowns were brought to an end, the demand for energy bounced back so strongly that suppliers struggled to meet demand, and prices rose accordingly. That’s a trend that’s continued right through until today.

More recently, the situation has been exacerbated further by the fallout from Russia’s invasion of Ukraine. Multiple nations have levelled sanctions against Russia, which is one of the world’s biggest exporters of crude oil. The US has announced a complete ban on Russian oil imports, and the UK has implemented a plan to phase out Russian oil by the end of the year. And with nobody buying it from Russia, demand from other producers has increased, which is part of what’s caused further rising prices. 

How might this affect your fuel security? 

Countless UK families are under increasing pressure to make ends meet, and fuel costs can be an especially big expense, especially for drivers of diesel vehicles. That makes the prospect of fuel skimming a more tempting one than ever, which can make your vehicles vulnerable. 

One of the reasons why fuel skimming is such a huge issue is that the drivers doing it often see it as a victimless crime. Some even see it as a perk of the job. So in the current climate, it’s easy to see why so many people might be especially tempted to skim fuel from work vehicles - it can save them a substantial amount on their rising fuel bills, with little to no cost to their employer. Win-win, right?

Except, of course, fuel skimming does incur a cost for employers. Quite a big one. In fact, it’s estimated that fuel skimming accounts for 99% of all fuel theft. Depending on the size of your business, in the long term this can end up costing you thousands or even millions of pounds. 

That’s why we’ve designed TankSafe Optimum. It’s the only security device that can offer you 3 in 1 protection, saving you from fuel spills, overfilling, and 100% of fuel theft. You can find out more on its dedicated page on our website, or find out answers to some of the most common questions over on our FAQs page. If it doesn’t address your queries, feel free to chat to us - you can give us a call on 01253 400 401, and we’ll be happy to help however we can.