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Chevron Moves to 1.5 Cents Per Gallon Prompt Pay Discount

SAN RAMON, Calif. -- In response to the current business environment and fluctuating market conditions, Chevron will be moving to a flat 1.5 cents per gallon Prompt Pay discount for Electronic Fund Transfer (EFT) customers at all West U.S. marketer racks where prompt pay discounts are currently offered, the company reported.

With technological advances such as EFT, Prompt Pay incentives have become less relevant to current business conditions, and the standard 1.5 cents per gallon discount will provide added stability and predictability in times of market volatility, according to the company.

Market fluctuations have caused the 1 percent Prompt Pay discount for EFT customers to range from less than 1 cent per gallon to more than 3 cents per gallon. This change will impact all West U.S. marketer racks in New Mexico; Idaho; Utah; El Paso, Texas; Spokane, Wash.; and Pasco, Wash., and will be effective on Feb. 15, 2010.

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