OPIS (Oil Price Information Service): provides real-time and historical spot, wholesale/rack and retail fuel prices for the refined products, renewable fuels, and natural gas and gas liquids (LPG) industries. In addition, OPIS delivers exclusive news and insightful analysis on the upstream, midstream and downstream oil markets. OPIS can be considered the standard in fuel purchasing, similar to “Prime” in the lending industry. By understanding OPIS, we are able to negotiate from an informed position.
DOE (Department of Energy): Each Monday the U.S. Energy Information Administration releases the DOE prices for diesel fuel across the country. Fuel Logic is constantly monitoring these changes and using this information to create optimal fuel savings plans and strategies in fluctuating markets.
How does the DOE determine this price?
Understanding the DOE price is very important as this is how fuel stations calculate their fuel surcharges. On Monday, price data is collected. Samples of cash, self-serve, and on-highway diesel fuel prices (including taxes) are collected from approximately 350 retail outlets across the United States. This diesel data is verified and then released at 5:00 p.m. on Monday.
How do you buy better?
You need to be strategic on where you’re purchasing your gallons, and you’ll need to consolidate gallons at truck stops. Your diesel fuel prices, if purchased wisely, can be anywhere between 15 and 25 cents a gallon below the DOE weekly price. The differential range in your diesel fuel prices as compared to the weekly posted DOE should stay fairly consistent.
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