Idaho AG Reaches Agreement on Fuel Prices with Three Retailers
BOISE, Idaho (KLIX)-The Idaho Attorney General and three Idaho fuel retailers have come to an agreement concerning the price of fuel during the early part of the COVID-19 state of emergency declaration.
The settlement agreement was announced this week between Maverik, Jacksons Food Stores, and Stinker Stores, Inc. related to concerns brought up the the Attorney General's Consumer Protection Division and includes $1.5 million in consumer redress in the form of sales credits that will be provided next year.
Attorney General Lawrence Wasden said in a statement the agreement is not an admission of wrongdoing by the three businesses. “I am pleased that we were able to address my office’s concerns and reach agreement on this matter, and in doing so, provide Idaho consumers with meaningful redress,” Wasden said in a prepared statement. “The parties spent significant time analyzing, reviewing and negotiating. I want to commend the retailers for their willingness to be part of this solution.” In March the governor's emergency order set in place rules prohibiting the sale of food, water, fuel and drugs at exorbitant or excessive prices.
According to the Attorney General's Office, the agreement states, "each company will earn credits by selling fuel at a price at which it can earn credits when the margin between the gas retailer’s retail price and the wholesale price for its product is less than the existing average margin of the states surrounding Idaho. For example, if the average margin in a given month between the retail and wholesale prices in the states surrounding Idaho is $.25 per gallon, and one of the retailers sells a consumer ten gallons of gas at a price with a margin that is $.15 per gallon, the retailer would earn a credit of $1 towards their redress obligation ($.10 x 10 gallons = $1.00)."