Firm Eyes $1m Savings From Fuel Theft

  • Firm Eyes $1m Savings From Fuel Theft

A firm, Fluid Management Technology, says it is eyeing saving $1million (N360 million) yearly in fuel theft from a technology it is deploying to the oil and logistics industry.

Speaking during the launch of Smart Fill GEN 2 in Lagos, its Asia Pacific Business Development Manager, John Weedon said fuel theft has placed increasing pressure on fleet managers, whose bottom lines are already under severe strain from rising fuel costs.

He said the fuel measurement technology ensures that fleet owners in industries have full control of their fuel management.

Weedon said the solution is simple, robust and functional.

According to him the solution automates the whole process, records fuel usage, monitors and accounts for every single drop.

With the deployment of the technology, he said Nigerians will know the exact fuel used daily and be able to trace stolen quantity.

Australia and the world, he said Smart Fill GEN 2 controls and records the hundreds of millions of litres of fuel needed every day to mine and process everything from coal to gold.

He explained that the technology is web based and logistics managers can access the internet for report on fuel usage by vehicles, equipment and drivers on a per site or a specific data set basis.

Managing Director, Extreme Industrials Limited, Abiodun Doherty said the solution is ideal for numerous asset types, from standard commuter vehicles and trucks, to farming equipment and large fuel storage tanks located at depots.

He said the fuel management solution prevents theft from taking place, by informing the software operator of when the vehicle reaches a filling station, and the exact amount of time spent there as well as the exact fuel level on arrival.

According to him, the amount of fuel contained in the tank before and after entry is also recorded to ensure that the risk of theft is greatly minimised.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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