This seems very ho-hum.

For 300 AP points, you can buy a voucher that gives you 7 cents off a litre for up to 50 litres. So max value of that 300 points is $3.50. That is terrible value per point but also the whole idea of doing something, anything, to save $3.50 is not appealing. I guess if you have tons of points to the point they're worth nothing to you and wait and stack a bunch of vouchers, it could be worth doing. Not sure how much labour is involved in buying and redeeming these vouchers though.

I guess there is some value in the points earning, but only if you buy a lot of fuel, which probably folks who spend loads of time in airplanes are less likely to do. E.g. 50 litres a week = 150 points per week = 7800 points a year. I guess if there was an Ultramar at the end of my street I always used anyway it might be worth it, but making any sort of behavioural change (which is what Ultramar surely expects) would not be worth it.

Edit: do you get 300 AP points free per cycle? If so, I missed that. Still this seems like someone bending over on the street to pick up a penny.