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· Posted on
February 21, 2024

7-Eleven is doubling down on petrol with an 11 year deal with oil giant ExxonMobil

7-Eleven has extended its supply deal with ExxonMobil for another 11 years.

What's the key learning?

  • 7-Eleven extended its eight-year exclusive supply deal with ExxonMobil for another 11 years due to the feedback from 7-Eleven's small business owners and customers.
  • Australia’s switch to electric vehicles isn’t here just yet due to lack of electric vehicle supply and sky-high EV prices.
  • This new agreement between 7-Eleven and Mobil will run until 2033…which just so happens to be three years beyond the government's target date for Australia to achieve net zero emissions.

👉 Background: The first 7-Eleven in Australia opened back in 1977. 45 year later, 7-Eleven has a total 720 stores across Australia (including 520 petrol stations).

👉 What happened: Now, 7-Eleven has extended its eight-year exclusive supply deal with ExxonMobil for a further 11 years.

👉 What else: According to 7-Eleven, the decision to extend the Mobil supply deal was driven by feedback from 7-Eleven’s small business owners and customers.

What's the key learning?

💡Customers vote with their wallets, and clearly Australia’s switch to electric vehicles isn’t here just yet. Sadly, we just don’t have enough electric vehicle supply and the EV prices are still sky-high.

💡Some context: There are 20 million registered vehicles today in Australia, and electric vehicles represent only 20,000 of the vehicles purchased in the last 18 months.

💡So this new agreement between 7-Eleven and Mobil will run until 2033…which just so happens to be three years beyond the government's target date for Australia to achieve net zero emissions.

‍

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