Citing record-high prices for gasoline, Uber is charging customers a new fuel fee to help offset costs for ride-hail and delivery drivers.
The temporary surcharge will be either 45 cents or 55 cents for each Uber trip and either 35 cents or 45 cents for each Uber Eats order, depending on location, the company announced Friday.
It will take effect on Wednesday. All the money will go directly to drivers, San Francisco-based Uber said. The surcharge will be in effect for at least 60 days, after which Uber said it will assess the situation.
The surcharges are based on the average trip distance and the increase in gas prices in each state, Uber said.
As Russia’s war in Ukraine has intensified, US gas prices have reached record levels. The average price of gasoline in the U.S. hit a record $4.17 a gallon this week as President Joe Biden banned imports of Russian oil, gas and coal in retaliation for the invasion of Ukraine.
The amount of US gasoline in storage fell last week as demand starts to increase with summer approaching. The increase in gas demand and the lower trend in inventories also are contributing to rising prices at the pump.
A spokesperson for Uber rival Lyft didn’t immediately respond to a question Saturday on whether it was considering a similar move.
Uber charging customers new fuel fee for rides, delivery
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Uber charging customers new fuel fee for rides, delivery
- As Russia’s war in Ukraine has intensified, US gas prices have reached record levels
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
