The nation’s largest retailer sees near record-high gasoline prices as an opportunity.
Discount retail giant Walmart (NYSE:WMT) will trim 15 cents off the price of a gallon of gas purchased at its store-based gas stations. In order to get the discount, customers must use either a credit card or a Walmart MoneyCard, Reuters notes.
Customers can take advantage of the gasoline markdown from April 1 through July 7. The move is meant to counter the impact of higher taxes, a sluggish economy and rising gas prices, which have constrained consumer spending.
A Walmart executive noted that for each 1-cent increase in gas prices, consumer disposable income declines by an aggregate $1 billion. The company has more than 1,000 gasoline stations at stores around the country.
Shoppers who use a Walmart gift card at the pump will receive a 10-cent per gallon discount.
In February, AAA found that U.S. households were paying an average of 4% of pre-tax income for gasoline as prices hit record highs.
Shares of Walmart rose fractionally in Tuesday morning trading.