Higher gas prices may be rattling consumers, but the head of convenience store giant Alimentation Couche-Tard Inc. isn’t worried about it causing a dramatic hit to his business.
CEO Alex Miller says historically, when fuel has become more expensive, the amount of gas the average customer purchases at one time has fallen.
He says that doesn’t mean higher gas prices are destructive for demand because he’s seen them spur additional trips to the pumps.
He reasons that’s because many consumers have no choice but to fill up their gas tanks, even when it gets more costly to do so.
Gas prices cracked the $2-per-litre mark in some Canadian markets this week as the war in the Middle East continued, hampering the supply and driving up the price of fuel.
Miller says high gas prices do put additional pressure on already-stretched consumers, but doesn’t hinder in-store traffic or performance at his stores.
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