Morrisons will this week launch the UK’s first ever Fuel Saver scheme to help shoppers reduce their petrol and diesel bills.
Fuel Saver is a new way of paying for products on the high street which gives customers much-needed savings at the pump. Similar schemes are popular in the US[1] and Morrisons has joined up with 34 of the nation’s favourite high street brands - such as Next, Boots and Homebase - to bring Fuel Saver to the UK.
Fuel Saver works by families using gift cards bought in Morrisons to pay for purchases on the high street.
- Customers pick up the cards during their weekly shop
- They receive a voucher which gives them money off fuel: 1p-a-litre for every £10 they spend when they next fill up
- They then use their gift cards like cash to pay for their shopping on the high street
Morrisons believes that Fuel Saver will be used by families looking to find a way of reducing high fuel prices. The current price of fuel on forecourts is rising to an average of £1.38-a-litre and £1.42 for diesel according to Experian Catalist[2].
Richard Hodgson, Commercial Director of Morrisons, said: “We know that the cost of filling the family car is a real worry for our families but using Fuel Saver for purchases can lead to very large savings. This new scheme will mean that customers need never pay the full price for petrol again.”
The typical saving using Fuel Saver is 6% for customers filling up a 60 litre car, for example:
- Purchasing a bottle of fragrance from Boots for £30 leads to 3p-a-litre off fuel. On a typical 60-litre fill-up that’s a saving of £1.80 off the purchase price
- The purchase of a £500 oven from Homebase will lead to 50p-a-litre off fuel. On a typical 60-litre fill-up that’s a saving of £30 or 6% of the purchase price.
This new way of paying for products will enable families to save much more than other payment methods. Leading credit cards pay a maximum of 1.25% cashback on purchases. In fact, customers can use their credit card to pay for their Fuel Saver gift cards and make an even bigger saving.
As shoppers minds turn to Christmas, the gift cards can be used for family and friends while the purchaser saves money on petrol.
There will be 34 retailers taking part in the scheme including: Currys PC World, Itunes, Homebase, Next, Burton, Dorothy Perkins, BHS, Evans, Miss Selfridge, Topshop, Wallis, Outfit, Toys R Us, Debenhams, House of Fraser, Pizza Express, Halfords, Accessorise, Monsoon, Bella Italia, Café Rouge, Cineworld, Boots, New Look, JD Sports, H Samuel, Zizzi, Facebook, Spotify, Club Penguin, Spa Finder, Toni & Guy, Hotel Voucher Shop, National Book Tokens. Fuel Saver is a permanent scheme and begins on September 3rd.
[1] Giant Eagle and BI-LO are leading providers in the US
[2] Prices at 24 August 2012.