Gulf Oil Chief Proposes Price-Cap Program

BOSTON – Joe Petrowski would like nothing more than to see gasoline prices drop like a rock. But if they don’t, the chief executive of Gulf Oil LP thinks he’s hit upon a plan to help mitigate sky-high gas prices for the average driver.

Petrowski is working on creating price-cap and price-lock systems similar to programs that home heating oil companies have been offering for more than a decade to protect consumers from severe price spikes.

The goal is to create better brand loyalty in what he calls the “fiercely competitive” retail gasoline business.

“We want to give customers choice and lock in volume for Gulf stations,” said Petrowski, who has been CEO of the Chelsea, Mass.-based regional fuel products wholesale distributor for about eight months. “We want to create a loyalty program.”

AP