Wondering how gas prices are set? One Spring Valley gas station owner explains how he chooses a figure.
The average price of a gallon of self-serve regular gas in San Diego County is up 10.9 cents on Thursday, averaging $5.71,So how do San Diego County gas operators decide on their prices and determine how much to charge at the pump?
“I’m seeing our customers come here and smile and say, 'You are one of the cheapest stations here we come to, how do you do it?,'” said Circle Market Spring Valley owner Mike Namou. Circle Market in Spring Valley off Bancroft Drive is known by locals to have low gas prices, even during this period of all-time high prices.
“How do I arrive at $5.29 a gallon?,” asked Namuo. “Basically, I look at the margins, I look at our competitors, and I try to price anywhere 2 to 5% below them from what I see out there. It’s like doing your homework, if I’m not doing my homework I’m not making my customers happy." Namou says he keeps a close watch on the market every day and searches wholesalers looking to buy low to pass the savings on to his customers. The feat is not easy when the market has been volatile, for instance, Namou says he’s seen prices jump up 30 cents from the morning to evening.
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