VGL Public Sector Quarterly Magazine VGL Public Sector Magazine #2 | Page 15

Falling oil prices help businesses cut fleet costs
Fuel expenditure is said to make up around

halved in January’s World Economic

30% of a fleets running costs, so with petrol

Forum, BP’s group chief executive,

prices at the lowest they have been for years,

Bob Dudley, said that he expected oil

fleet overheads have been reduced . Over the

to remain at current low levels for up

past six months the price of a barrel of oil has

to three years.

The Financial Conduct Authority cleans up the
broker sector with new rules
Many fleet managers purchase vehicles

public sector generally has to source through

through specialist fleet lending and

the Crown Commercial Services framework,

insurance brokers. However, with more

the whole lending industry suffers as

than 50,000 brokers across the UK, the

reputations fall and somewhere along the

market has been difficult to monitor and

line someone has to pay for it.

police, which means the system has been left

New regulations mean that the FCA has to

open to misuse. Lenders have been accused

conduct an in-depth level of due diligence on

of not being transparent and forthcoming

all those seeking authority to offer a credit

with commissions
Chat with a and allegiances and,
Fleet Manager

service, before they are issued wit