KSS Fuels Addresses Growing Need for Fuels Pricing Compliance
FLORHAM PARK, N.J. -- KSS Fuels is now offering a suite of enhanced capabilities for its retail and wholesale pricing solutions designed to help operators address the growing need to demonstrate appropriate controls over their pricing practices, the company reported.
"Our customers are demanding ever tighter controls over their pricing processes in order to demonstrate their compliance with price gouging and anti-competitive pricing measures," Bob Stein, president and CEO of KSS Fuels said in a released statement. "They recognize that the penalties for non-compliance extend beyond harsh financial costs to brand reputation and, in some cases, personal liability."
Increasing crude prices, volatility at wholesale and retail levels, growing demand from emerging markets such as China, and tensions in North Africa and the Middle East have pushed fuel prices to near-record levels. Governments and other regulatory bodies are responding by introducing measures to protect consumers and ensure fuels suppliers are not increasing prices to take advantages for short-term gain. The most recent example of this is the creation of the Financial Fraud Enforcement Group in the US, granting State and Federal powers to act swiftly against any organization deemed to be acting unlawfully with regard fuel prices, according to the company.
KSS Fuels responded by enhancing key governance and compliance capabilities within its RackPrice and PriceNet wholesale and retail pricing solutions, respectively. Addressing the four pillars of pricing governance, these capabilities will demonstrate a clear and documented rationale for pricing decisions; approval levels for price-change authorization; comprehensive price auditing to show the "who, when and why" of how price decisions were made; and event recording to provide evidence of why pricing decisions were needed, the vendor stated.
"Detailed price auditing, compliance reporting and appropriate authorization levels can quickly and easily demonstrate the controls authorities are looking for, with minimal effort and cost," Stein said. "Audit archives permit operators to go back in time to quickly recall all the information and underlying data needed to prove compliance."
The new compliance capabilities are available in the latest versions of the PriceNet and RackPrice pricing systems.