Many businesses rely on diesel to power trucks, generators, tractors and other equipment. In late February 2023, AAA reported that Maine's average diesel price was $5.27 per gallon. The cost has dropped nearly 27 cents during the past 30 days, but it remains much higher than last January's price. Fortunately, business owners can find several ways to reduce this expense:

1. Memberships

Certain fuel stations have membership programs that offer diesel price reductions. For instance, Irving Rewards provides temporary discounts of five to 10 cents per gallon every time members pump 50 gallons or spend $50 on store items (in one or more purchases). You can join the program for free.

An alternative is to pay for a membership at a wholesale club that offers this fuel. GasBuddy reports that the BJ's store in Bangor currently has the city's lowest diesel price ($4.99). However, this retailer's locations in Portland and Auburn don't sell diesel.

Some programs require members to link their checking accounts to a payment card. For example, SmartPay Business provides a $0.10 discount on diesel at certain stations, such as Cumberland Farms and KwikShop. Fuel debit cards may not deduct the funds from your account immediately; be sure to keep track of your spending to avoid overdraft charges.

2. Bulk Discounts

If your business has multiple vehicles or heavy machinery, consider asking your fuel supplier for volume discounts on large purchases. Some companies may refer to these price reductions as "fleet discounts." One example of a supplier that offers this type of pricing is Murray-Heutz Oil and Propane in Turner.

3. Conserve Fuel

Motorists can reduce diesel consumption by embracing the right driving habits and remembering to perform routine maintenance. Poorly inflated tires, excessive speed and frequent idling have the potential to increase your fuel spending. Remember to emphasize the importance of conservation when training employees.

4. Compare Prices

Certain websites and mobile apps supply free local price comparisons. Although they might not list every station in the area, they can help you find the lowest price more easily and efficiently. Some third-party services like GasBuddy also provide ways to gain additional discounts or reward points.

5. Credit Cards

Consider using a credit card that offers relatively generous cashback rewards on purchases at fuel stations. You may receive statement credits or points to spend on merchandise. Some cards have fuel reward rates as high as four to five percent, such as PNC Cash Rewards Visa and the Shop Your Way MasterCard.

If you buy 20 gallons of diesel at $5.19 per gallon, you might earn around $4.15 to $5.19 in rewards. This is equivalent to saving about 23 cents per gallon. However, you will only truly save money if the card doesn't have a large annual fee and you always pay off the entire balance every billing cycle.

6. Off-Road Diesel

Does your business use diesel-powered tractors or other off-road machinery? If so, you can reduce the expense by finding a supplier that sells off-road diesel. This approach often yields savings of around 30 to 60 cents per gallon, mostly because the fuel isn't taxed. However, it's unlawful for car or truck drivers to use the off-road version.

You can maximize savings by combining these techniques when possible. For instance, you could join Irving Rewards and pay with one of the above-mentioned credit cards. Most of these methods can help you reduce spending on gasoline as well. It's easier to find memberships with gas discounts, but you're unlikely to see any fuel stations that sell cheap off-road gasoline.

© 2023. Prices, features and other details are subject to change.