Fuel discount programs: Which is right for your budget? - NBC12.com - Richmond, VA News

MORE BANG FOR YOUR BUCK

Fuel discount programs: Which is right for your budget?

Posted: Updated:

By Matt Boyce - bio | email
Posted by Phil Riggan - email

RICHMOND, VA (WWBT) -  We've all been riding the roller-coater that gas prices have been on for the last year.   Incentive programs for fuel discounts have popped up locally and nationwide.

In today's More Bang for Your Buck we breakdown some of those ways to save at the pump.

Businesses and consumers alike feel the pinch when gas prices rise.  But, what if you could ensure you never had to pay more than today's price at the pump?  A new website called pertofix.com says that now you can.

"It's a little bit like a wireless plan, you come to our website petrofix.com," said Edward Lee, co-founder of Petrofix.com.  "And you specify the region, how many gallons you would like per month and also for how long you would like the plan."

If you buy a petrofix.com plan, you'll be locked in at the weekly government average price of gas for your region.  The energy information administration releases these prices weekly.  If the EIA average rises the next week, petrofix.com pays you the difference.

"This is a hedge, this is an umbrella," said Lee.  "You don't really want to use it because you like it to be sunny, most of the time.  But as a precaution, it keeps you dry when it rains."

It's basically a gas price cap which have been used by airlines and large corporations for years to manage fuel costs.

"It's more a precaution, you don't want to take the chance that gas prices will rise," he said.

That protection comes at a price: about 30 cents per gallon in our region.

"It's not so much that you want to get a return out of it, but it's a way to stabilize your budget so you don't have to worry about rising gas prices," Lee said.

Locally, Ukrops and Uppy's have offered "Fuelperks" for the last year.  This is a reward based program that can give you a five cent discount per gallon of fuel for every $50 spent at Ukrop's.   And you can double your savings by shopping on Saturdays until the end of July.

Kroger also offers a fuel saver rewards program that awards 10 cents off per gallon for every $100 dollars spent at Kroger stores.  In this program you must use the rewards in the same month that you shop.

(c) 2009. WWBT, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Powered by WorldNow