BOISE, Idaho (AP) — Three Idaho gas retailers have reached a settlement agreement with Idaho Attorney General Lawrence Wasden after Wasden's office launched an investigation into their fuel prices.
The retailers — Maverik, Jacksons Food Stores and Stinker Stores — don't admit any wrongdoing under the agreement, and say they disagree with the premise of the attorney general's investigation. Still, they said they agreed to the settlement because it will help consumers facing economic difficulties during the pandemic.
Wasden began investigating the fuel prices after state and federal officials declared a state of emergency because of the coronavirus pandemic earlier this year. Those emergency declarations triggered a state law that forbids companies from selling food, water, fuel or pharmaceuticals at excessive prices while the declarations are in effect.
Under the settlement agreement, the three companies will provide a combined $1.5 million in sales credits during 2021 by selling fuel at a lower margin than the average margin earned by fuel retailers in neighboring states. For instance, if gas stations in neighboring states normally sell fuel for 25 cents more per gallon than the wholesale cost, the three Idaho companies could earn credits of 10 cents per gallon by selling the fuel at 15 cents more than the wholesale cost.