Many fleet managers, controllers, and CFOs might be surprised if they discovered they were overpaying fuel invoices because they included line items disguised as government taxes and fees. At Sokolis Group, we‘re not surprised because we see this happen frequently. Prior to becoming a Sokolis Group client, these companies typically just signed off on fuel invoices that contained “special” taxes or environmental fees. These bogus fees are nothing more than an additional revenue stream for the fuel supplier. However, in some other cases, we’ve also discovered legitimate taxes were not charged when the company was actually liable for the tax.
Oil prices continued to trade in a narrow range between $52 and $55 per barrel during February following a similar pattern for the past few months. However, the overall price range has increased slightly compared to the previous months primarily because OPEC and other foreign countries are strongly adhering to the oil production cutbacks they agreed to back in November. The following graph shows the daily price movements over the past three months: