UK government suspends competition law to get petrol to forecourts
September 27, 2021, 1:39 am

UK government suspends competition law to get petrol to forecourts

Oil-Shutterstock

The BBC reported, the UK government is to suspend competition law to allow oil firms to target fuel deliveries at petrol stations following recent panic buying.

According to the BBC, officials said the move would make it easier for companies to share information and prioritise parts of the country most at need.

It follows days of long queues at the pumps, after fears of disruption to the fuel supply sparked panic buying.

The BBC said, ministers are also considering deploying the Army to deliver fuel.

It mentioned, the option is under discussion, and could be discussed at a possible cabinet meeting on Monday.

The Petrol Retailers Association has warned that as many as two-thirds of its membership of nearly 5,500 independent outlets are out of fuel, with the rest of them "partly dry and running out soon".

Announcing the measure to exempt the oil industry from the Competition Act 1998, Business Secretary Kwasi Kwarteng said the government had "long-standing" contingency plans in place to maintain fuel supplies.

"While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains.

"This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised.

"We thank HGV drivers and all forecourt staff for their tireless work during this period."

The government also relaxed competition law in March 2020, to help supermarkets work together to maintain food supplies.

A shortage of lorry drivers has caused problems for a range of industries in recent months, from supermarkets to fast food chains.

In recent days, some fuel deliveries were affected, leading to panic buying and lengthy queues at some petrol stations.

In a joint statement from companies including Shell, ExxonMobile and Greenergy, the industry reiterated that pressures on supply were being caused by "temporary spikes in customer demand - not a national shortage of fuel".

PRA chairman Brian Madderson told the BBC the shortages were down to "panic buying, pure and simple", with oil companies prioritising keeping motorway service station pumps topped up.

On Saturday the government announced it would offer temporary visas, lasting until Christmas Eve, to 5,000 foreign fuel tanker and food lorry drivers and 5,500 poultry workers in a bid to limit disruption in the build up to Christmas.

Other measures include sending nearly one million letters to drivers who hold an HGV licence - to encourage them back into the industry - and plans to train 4,000 people to become HGV drivers.

But the British Retail Consortium said the number of visas being offered was "too small" to make an impact on the disruption expected at Christmas.

Andrew Opie, director of food and sustainability policy at the trade association, told the BBC: "I think we're going to see less choice, less availability, possibly a shorter shelf life as well, which is really disappointing because this could have been averted."

Meanwhile, Turkey farmer Kate Martin warned supermarkets could run out of poultry before Christmas.

She said there were fewer turkeys being produced because because the big processors "know they will not get them processed".

Recruitment for additional short-term HGV drivers and poultry workers will begin in October, with the visas valid until Christmas Eve.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.