What is Wet Stock Management

Proper wet Stock management is a vital function in the day to day operations of a Retail Service Station or any fuel storage facility. It is crucial to the early detection of potential problems such as leaks, any other fuel losses and poor operational management.
Maintaining accurate wet stock records is also a legal requirement and failure to do this could lead to dire consequences for Retail Service Station owners and Oil Companies.

Petroleum products stored and sold at retail service stations are typically hazardous to the environment. As all storage tanks at these outlets are installed underground the risk of environmental contamination in the event of a leak is ever present.
Loss of product to ground can have a serious impact on underground water supplies, nearby rivers and streams as well as the soil in the immediate vicinity posing a health risk to plants, animals and local communities. Exorbitant clean up costs, loss of revenue and spoiled reputation could result if sites wet stocks are not properly managed and analysed.

Wet stock management is the process that a fuel storage operator would use to keep accurate control of the purchase and sales of all fuel delivered and dispensed on their site. These records need to be retained on site for a minimum of 5 years and made available to any local authority or inspector to view when requested.

Most retailers would normally do this by simply using a spreadsheet to reconcile their deliveries and sales. Although this method is widely used it is outdated. WSM Live provides a complete platform to Retail service station operators for managing a sites wet stocks, analyzing the data for trends and automatically reporting on any abnormal variances on individual tank groups. The risk to the environment and consequence to the Retailer will therefore be significantly reduced saving you indefinite expenses.

Source: Click!