A new analysis by insurance company RAC has revealed supermarket margins on petrol and diesel have more than doubled since Russia invaded Ukraine.
Prior to the start of the war in Ukraine the big four supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – which dominate UK fuel retailing, were making a margin of just under 5p (4.7p) a litre on fuel – 3.7p for petrol and 5.7p for diesel. Since then, however, this has increased to 10p (9.3p for petrol and 10.8p for diesel).
RAC Fuel Watch data for 2022 shows that the margin on supermarket petrol climbed to almost 11p (10.8p) a litre, at one point hitting 20p in the weeks after a new pump price high of 191.5p was recorded on 3 July on the back of the soaring cost of oil.
And so far this year they have enjoyed an average margin of 15p on diesel due to the wholesale price falling significantly and then not being fully passed on to drivers on their forecourts. In fact, the wholesale price of diesel was below the wholesale cost of diesel for three months from the end of March leading to supermarket margin reaching a high of 23p a litre in May.
Back in 2016, the supermarket margin on a litre of fuel was 2.3p. This increased steadily to nearly 6p (5.7p) in 2019 and remained at that level through the pandemic years. But in 2022 RAC Fuel Watch data shows it jumped by 54% to over 9p a litre and, even more worryingly, it is averaging at almost 11p this year.
“With news that lower fuel prices were one of the main reasons for inflation falling to 7.9% last month, our data clearly shows that this could have been lower still had the supermarkets reduced their pump prices in line with cheaper wholesale costs.
“Our analysis of wholesale and retail prices reveals the big four supermarkets have benefited considerably on the back of the dramatic wholesale market fluctuations caused by the start of the war in Ukraine.
“They appear to have capitalised on petrol in the early months of the war by upping their margin by 5p a litre in 2022, while they have increased their margin on diesel by nearly 8p this year to 15p by putting off reducing their prices when the wholesale price tumbled. Frighteningly, this is twice the average supermarket margin on diesel from 2019 to 2022.” Says RAC fuel spokesman Simon Williams.
“While we accept the cost of running forecourts might have increased, these bloated margins must make difficult reading for the millions of drivers who are already battling the rising cost of living. In short, this means everyone is paying more than they should be to a lesser or greater extent depending on where they live.
“We hope artificially high pump prices will become a thing of the past due to the actions promised by the Government resulting from the Competition and Markets Authority (CMA) report earlier this month that showed supermarkets had overcharged drivers to the tune of £900m last year. Their recommendation that a price monitoring body is set up and that retailers are mandated to provide live prices for fuel finder apps is very welcome and long overdue.
“While there was another positive step this week when Energy Secretary Grant Shapps met the country’s biggest retailers to tell them to provide real-time prices immediately, we don’t believe drivers will really start to see fairer prices until the official wholesale price monitoring body is set up and given the power to penalise companies that don’t fully reflect significant downward wholesale market movements on their forecourts.
“We will be emphasising how important this is for fuel price transparency to the CMA as part of our ongoing discussions with them.”
The Häagen-Dazs Rose Project announces 50 nominees
Earlier this year, on International Women’s Day 2023, Häagen-Dazs launched ‘The Rose Project’, a global initiative with a $100,000 (USD) bursary grant inviting nominations to recognise unsung trailblazing women in honour of the brand’s female co-founder Rose Mattus. Yesterday, 23 November, on what would have been Rose Mattus’ birthday, Häagen-Dazs announced the top 50 #WomenWhoDontHoldBack nominees being shortlisted for their achievements and its five globally accomplished Häagen-Dazs Rose Project judges.
Over 2,500 applications were received for The Häagen-Dazs Rose Project putting forward pioneering efforts and societal contributions made by women across the globe. From these, 50 talented and inspirational women have been shortlisted and will be put forward to win one of five monetary grants of $20,000 (USD), which will be announced on International Women’s Day 2024, to continue their exceptional work, unleash their potential or give to a cause they are passionate about. The top 50 shortlist includes women from 17 countries hailing from across Europe, Asia, Africa & Middle East, Australia and the Americas.
The all-female judging panel from across the world has been handpicked for the final selection stage of The Häagen-Dazs Rose Project includes. UK-based author, broadcaster and philanthropist Katie Piper, fashion entrepreneur and advocate for women’s fertility issues, Velda Tan from Singapore and Spanish entrepreneur and creative director Inés Arroyo, are amongst the judges.
“International Women’s Day 2023 marked the launch of The Häagen-Dazs Rose Project to honour the legacy of our co-founder, Rose Mattus, and create a fund platform to provide opportunities to women across all fields around the world who are truly deserving of support and recognition. We were thrilled to receive thousands of nominations across countries and our #WomenWhoDontHoldBack Top 50 shortlist is a compelling and diverse mosaic of trailblazing female narratives that moved us and serve as an inspiration to women everywhere”, says Aurélie Lory, Häagen-Dazs spokesperson.
To find out more about the story of each entrepreneur shortlisted for The Häagen-Dazs Rose Project, visit: https://iwd.haagen-dazs.global/en/.
47% of women feel their workplace is not combatting inequality
The proportion of women who feel that their workplace is not taking appropriate measures to combat gender inequality has nearly doubled in a year, a new survey has revealed.
Web Summit, the world’s largest technology event taking place in Lisbon this week, has released its third annual State of Gender Equity in Tech report, which is based on a survey distributed among its women in tech community.
76.1 percent of respondents feel empowered to pursue and/or hold a leadership position; fewer respondents (41.8 %) feel the need to choose between family and career when compared to 2022 (50.4 %); and there is at least one woman in a senior management position in 80.4 percent of respondents’ companies, a similar proportion to last year (81.3%).
The survey found that 70.5 percent of respondents feel pressure to prove their worth compared to male counterparts, while 77.2 percent feel they need to work harder to prove themselves because of their gender.
Over three quarters of respondents (76.1 %) feel empowered to pursue and/or hold a leadership position. And almost half of respondents think that their workplace is not taking appropriate measures to combat gender inequality, increasing from 26 percent in 2022 to 47
percent in 2023.
“While it is encouraging to see progress in some areas, such as those feeling the need to choose between their family and career, there are also some deeply concerning trends within this report. Seeing an increase in those who report having experienced sexism in the workplace in the last year is disheartening in 2023. We hope that this kind of research can breed some positives, and that it will push workplaces – and women within these workplaces – to broach these topics and make progress in these areas,” said Carolyn Quinlan, VP of community at Web Summit.
Last year, 42 percent of attendees at Web Summit were women and 33 percent of speakers were women. In 2023 these numbers have slightly improved with 43 percent of attendees and 38 percent of speakers on stage being women this year.
The women in tech programme at this year’s Web Summit is at capacity, and the women in tech programme at Web Summit Rio 2023 reached capacity in record time.
The WebSummit 2023 is running from November 13th to 16th in Lisbon, Portugal.
Krispy Kreme to give away free donuts on World Kindness Day
American multinational doughnut company and coffeehouse chain, Krispy Kreme, is celebrating “World Kindness Day” today by distributing free donuts in the US and the UK.
The chain is giving away a box of a dozen glazed donuts for free with no purchase necessary. But only the first 500 guests that visit each participating Krispy Kreme US stores on “World Kindness Day”, Monday November 13th, will be able to get a free box of donuts.
Krispy Kreme often gives away free or discounted donuts to generate buzz on special occasions. The company, founded in 1937, traditionally gives out free donuts to customers on National Donut Day, celebrated on the first Friday of June of each year. And in July, a dozen of glazed donuts were sold for 86 cents to celebrate its 86th birthday.
Thousands of free donuts are also expected to be given away today across Krispy Kreme stores in the United Kingdom, with customers being encouraged to ask for the World Kindness Day offer. No purchase necessary.
The company, which operates in over 30 countries around the world, said it wants the brand associated with World Kindness Day to make “meaningful connections” with customers.
“World Kindness Day is an opportunity to make a positive difference by being generous,” Dave Skena, Krispy Kreme’s global chief brand officer, said in a release. “Simple gestures of caring and thanks, including sharing a sweet treat, is a great way to do that.”
Krispy Kreme said that it’s considering expanding a limited partnership it has with McDonald’s to sell more of its donuts at the latter’s location.
Social media research threatened by new data limitations
X app may lose up to $75 million in advertising revenue in 2023
The Häagen-Dazs Rose Project announces 50 nominees
10 sustainability influencers you should be following in 2021
How to effectively use LinkedIn for business
Are streaming services killing Cinema?
Marketing4 weeks ago
JCDecaux extends advertising concession with Madrid Metro for 10 years
Business4 weeks ago
40% of those studying PR wanted a career in marketing or journalism
Lifestyle3 weeks ago
9 Christmas Markets to visit in the UK in 2023
Business4 weeks ago
Environment-focused companies attending the Web Summit in 2023
Business4 weeks ago
Spend on restaurant in Europe forecast to increase 14% this Christmas
Travel3 weeks ago
Travelers are spending more on ‘affordable luxury’, study says
Travel3 weeks ago
London is the most searched-for destination for flights in 2023
Business3 weeks ago
Mango celebrates three decades in Portugal