A new fuel price and budget risk management program for fleets is being rolled out jointly by Pricelock and Wright Express.

The companies said their new partnership enables them to provide fleet customers with the option to purchase fuel at a fixed daily price for a fixed volume and to more effectively manage those purchases.

Covering fleets of all sizes, this jointly-developed suite of products delivers budget control and price protection options to businesses by offering simple ways to manage the cost of fuel, said Naveen Agarwal, Pricelock’s COO.

"Presently, fleet managers have a great opportunity to price protect their fuel budgets as gas and diesel prices continue to be at historic lows," Agarwal said, noting that fleets are increasingly looking for ways to minimize the risk associated with fuel price fluctuations and monitor and manage their price-protected reserves online and in real time.

"By combining the offerings of each company, we will be able to jointly provide relevant new services that simplify fleet management and save our customers time and money," added David Maxsimic, Wright’s executive VP-sales and marketing. "This new suite of fuel price risk management products allows customers to continue to use their current Wright Express program, with the settlement occurring on the Wright Express statement one month in arrears as an ancillary statement."