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Wal-Mart cutting gas prices 10 cents

Wal-Mart Stores said the 10-cent discount will be taken immediately at the gas pump. Wal-Mart Stores said the 10-cent discount will be taken immediately at the gas pump. (Paul Sakuma/Associated Press)
By Associated Press
June 30, 2011

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BENTONVILLE, Ark. — Wal-Mart Stores Inc. is cutting gas prices by 10 cents a gallon for three months to help consumers worried about their spending amid a sputtering economy and busy summer travel season.

“Our customers have told us that high gas prices are a top budget concern, nearly as large an expense to their households as food and groceries,’’ chief marketing officer Stephen Quinn said in a statement.

Wal-Mart is well aware that rising gas prices and other household costs are squeezing shoppers’ budgets, reporting at its annual shareholders meeting earlier this month that shoppers appear to be focusing on groceries and little else.

To help ease consumers’ worries, the world’s biggest retailer said yesterday that customers visiting participating Murphy USA and Wal-Mart gas stations in 18 states through Sept. 30 will receive a discount on all fuel, gas, and diesel buys when they use a reloadable Wal-Mart gift card, Wal-Mart MoneyCard, or a Wal-Mart credit card.

Gas prices neared $4 a gallon in late April and early May, but have since fallen to a national average of $3.57 per gallon. Still, the government said Monday that Americans spent at the weakest pace in 20 months in May, a sign gas prices may be hurting the economic recovery.

Wal-Mart said the discount will be taken immediately at the gas pump.