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Amazon to double cashback rewards on fuel purchases as fuel prices rise

Stock Markets Mar 30, 2022 12:21PM ET
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© Reuters. FILE PHOTO: The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, U.S., February 14, 2019. REUTERS/Brendan McDermid

(Reuters) - Amazon.com Inc (NASDAQ:AMZN) is launching a program to double cashback rewards on fuel purchases to up to 12% for Amazon Flex (NASDAQ:FLEX) debit cardholders, to help Flex delivery partners amid a rise in fuel prices.

Amazon Flex, which works like on-demand ride-hailing service Uber (NYSE:UBER), handles speedy deliveries of common household goods to customers through programs like Prime Now and Amazon Fresh. Drivers, who use their own vehicles, usually earn over $26 an hour on average in the United States.

The move comes as prices for gasoline have soared more than 20% from last month, driven by higher crude oil rates due to the Russian invasion of Ukraine.

"We are continuing to closely monitor this situation to determine if we need to make future adjustments to support our transportation partners," wrote Amazon in a blog on Wednesday.

Amazon also covers fuel costs for its delivery service partners as well as Amazon Freight Partners that enlists independent trucking companies to move goods between Amazon facilities.

Earlier this month, Lyft (NASDAQ:LYFT) also said that Lyft Direct cardholders will receive an increase in cashback rewards of 4% to 5% on purchase of gasoline until June 30.

Rideshare and food delivery firms including Uber, Lyft and Doordash have announced surcharges to help drivers to cope with higher fuel prices..

Amazon to double cashback rewards on fuel purchases as fuel prices rise
 

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Sattar Langary
Sattar Langary Mar 30, 2022 12:53PM ET
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Amazon is great!
 
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