Walmart ups gas discount for some customers; Will Costco?
Walmart's discount will apply to 12K Exxon and Mobile stations
Although the national average for a gallon of gasoline has fallen from record highs earlier this year, prices at the pump are still painstakingly high for consumers.
The average price of a gallon of regular gasoline is $4.13, up from $2.88 a year ago, according to AAA.
Companies like Walmart are offering fuel discounts, and Walmart is teaming up with oil and gas corporations to do it.
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Effective immediately, Walmart+ customers will get a discount of up to 10 cents on every gallon of fuel they purchase at more than 14,000 participating gas stations around the country, the Arkansas-based company announced Wednesday.
Exxon Mobil gas station (Callaghan O'Hare/Bloomberg via Getty Images / Getty Images)
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Members will save between 5 and 10 cents per gallon at Walmart and Murphy’s stations. However, Walmart+ members will also save 10 cents a gallon at 12,000 participating Exxon and Mobil locations across the country.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 88.38 | +1.19 | +1.36% |
Its member pricing is also available at more than 500 Sam’s Club locations, according to the company.
Earlier this year, Sam's Club, which is owned by Walmart, told FOX Business that its members already pay less at the pump than the average consumer due to "member-exclusive prices."
Additionally, the company said its members can earn Sam’s Cash on eligible purchases at gas stations with their Sam’s Club Mastercard.
Patrick De Haan, head of petroleum analysis for GasBuddy, told FOX Business Walmart's recent move is a way to attract more customers.
Gas prices in Westchester are above $6 as prices at the pump continue to rise across the Southland March 13, 2022, in Los Angeles. (Jason Armond/Los Angeles Times via Getty Images / Getty Images)
De Haan said Walmart's strategy is similar to Kroger's move in teaming up with Shell.
Costco, on the other hand, won't be compelled to repeat this, Lipow Oil Associates President Andy Lipow told FOX Business.
"It's already discounted and one of the cheapest places to buy gas," Lipow said.
COSTCO, SAM'S CLUB BATTLE FOR GAS DOMINANCE
Like Sam's Club, Costco members can also earn cash-back rewards at Costco fuel pumps. For instance, customers who pay with their Costco Anywhere Visa card at its pumps "can earn 4% cash back rewards on eligible gas purchases for the first $7,000 per year," according to its website.
Costco did not respond to FOX Business' request for comment regarding plans to offer more gas discounts.