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Big box retailer and mega store Costco is dropping a perk that New Jersey residents exclusively have been enjoying for years.
Beginning in July, Costco will begin requiring membership cards from customers looking to fill their gas tank.
“Effective July 5, 2022, your active Costco membership card will be required for gasoline purchases,” the store announced this week.
INFLATION HITS FRESH 40-YEAR HIGH IN MAY WITH CONSUMER PRICES SURGING 8.6%
Cars line up for gas outside a Costco Wednesday, May 11, 2022, in Pewaukee, Wisconsin. (AP Photo/Morry Gash / AP Newsroom)
Until now, Costco locations in New Jersey have been unique for their open lines and lack of membership requirements to fill up a vehicle.
HOW COSTCO IS MANAGING INFLATION
Costco gas stations are known to often maintain lower gas prices than competitors due to their big box business model and emphasis on discounts.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 463.31 | -8.74 | -1.85% |
The company did not clarify the cause of the new regulation on pumping gas, but prices have continued skyrocketing across the country in step with rampant inflation hitting record highs.
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A gas tank driver delivers 8,500 gallons of gasoline at an ARCO gas station in Riverside, Calif., Saturday, May 28, 2022. (AP Photo/Damian Dovarganes / AP Newsroom)
Inflation remained painfully high in May, with consumer prices hitting a new four-decade high that exacerbated a financial strain for millions of Americans and worsened a political crisis for President Biden.
COSTCO ENDS MORTGAGE PROGRAM MEMBERSHIP PERK
The Labor Department said Friday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.
FOX Business’ Megan Henney contributed to this report.
