Wal-Mart Stores, Inc. (NYSE:WMT), the world's largest retailer, announced the return of its popular Great Gas Rollback program. The discount retail giant announced to cut gas prices by 15 cents per gallon in 21 U.S. states to attract customers. To get discounts at Walmart store-based gas stations, shoppers will have to use a Walmart MoneyCard or a credit card. Starting on April 1, the program will run through July 7. If you use Walmart gift card, you'll get only 10 cents per gallon discount.
Wal-Mart Stores, Inc. (NYSE:WMT) sales have slowed this year as shoppers continue to suffer from increasing gasoline prices, delayed income tax refunds and higher payroll taxes. According to a poll conducted by Reuters last month, two-third of American adults are cutting their monthly spending, and they cited high gasoline prices as the top reason.
Wal-Mart Stores, Inc. (NYSE:WMT) chief operating officer Gisel Ruiz said in a statement that customers are finding it hard to balance their budgets due to gas prices. Gisel said every cent of increase in gas prices lowers U.S. consumer spending by $1 billion. As the gas prices increased, people try to make fewer trips to retail stores and purchase more on every visit. Walmart became largest employer in the country after announcing the recruitment of 100K war veterans.
The program is offered at over 1,000 store-based gas stations run by Walmart and Murphy USA. The retailer giant had launched a similar program last year from August 31 to December 24. The company also offers smaller gasoline discounts throughout the year. The offer is valid in following states:
Wal-Mart Stores, Inc. (NYSE:WMT) is not the only retailer to have done so. The Cumberland Farms gives you 10 cents a gallon discount when you make payments using a smartphone app. Walmart Stores Inc. (NYSE:WMT) competitor Costco Wholesale Corp. (NASDAQ:COST) gives 3 percent cash back on all gas purchases using American Express card. Last year, Kroger Co. (NYSE:KR) extended its summer gas discount offer through December after customers told the company that they wanted the program to last longer.