Fuel Pricing Software is a business tool intended to allow retail fuel marketers to determine the most appropriate price at which to offer fuel based on their
pricing strategies
A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, prici ...
.
["Skyline Products Selling Fuel Pricing Software as Stand-alone Product."]
Convenience Store News. 30 March 2010
Features
The software solutions were developed to help fuel retailers manage margins, sales and stock volumes in the face of
fuel market price volatility, unfavorable supply arrangements, and price sensitivity of retail customers.
[Rigik, Erin]
"Developing a Fuel Strategy Amid Soaring Costs."
Convenience Store Decisions. 17 June 2011["What Influences Gasoline Prices?"]
NACS: The Association for Convenience and Fuel Retailing. This can even include managing fuel order placement and monitoring overall site traffic.
Factors such as pricing of competitors, analysis of current market costs and sales for each grade of fuel are all considerations that affect the outcome of fuel prices. In addition to this, sales by related convenience stores can effectively
subsidize the fuel, lowering the price.
Some software is designed to integrate with
point-of-sale systems, pumps, wetstock systems providers,
and electronic price signs to automate instant price changes. This saves store staff the inconvenience of changing gas price signs manually and allows retailers to more responsively post optimal pricing,
[Pape, Pat]
"Sign of the Times."
May 2009 even monitoring the market in real time.
Fuel pricing software is intended to replace manual or spreadsheet-based processes that could delay the update of fuel costs and jeopardize profit margins. Delayed updates of fuels costs can cause fuel buyers to pay more than necessary, with day-to-day price swings occurring at 3 cents nearly 50% of the time and 5 cents at just over 25%.
[Fontevecchia, Agustino]
"Higher Gas Prices Here to Stay, But Fuel Price Volatility Can Be Tamed."
12 November 2012
Advances in artificial intelligence have further enhanced fuel pricing software. AI can predict how customer and competitors will react to price changes in different scenarios by analysing vast sums of historical and real-time data. AI can identify trends and provide dynamic, predictive, customer-centric pricing even in volatile markets.
Mobile Applications
Fuel pricing
mobile applications
A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on d ...
for consumers, such as
GasBuddy and Fuel Finder, are intended to locate the best prices on fuel according to their current location.
[Brady, Jeff]
"Finding Cheaper Gas with Your Smartphone."
NPR All Things Considered. 26 March 2012
{{Webarchive, url=https://web.archive.org/web/20130615003728/http://news.consumerreports.org/cars/2012/05/gasbuddy-app-can-help-save-money-on-gasoline.html , date=15 June 2013 Consumer Reports. 4 May 2012
See also
*
Gasoline price website
*
Gasoline usage and pricing
The usage and pricing of gasoline (or ''petrol'') results from factors such as Price of oil, crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation or Fossil fuel subsidies, subsidy ...
*
Filling station
A filling station (also known as a gas station [] or petrol station []) is a facility that sells fuel and engine lubricants for motor vehicles. The most common fuels sold are gasoline (or petrol) and diesel fuel.
Fuel dispensers are used to ...
References
Business software
Petroleum in the United States
Petroleum economics