Canadian Tire’s (CTC) more than 200 retail gas stations are being rebranded under the Petro-Canada banner.
Canadian Tire said that it has reached agreement with Petro-Canada owner Suncor Energy (SU) to rebrand its gas stations.
The deal will see Petro-Canada become the primary fuel provider for Canadian Tire’s network of gas stations across the country.
Suncor said the arrangement will increase Petro-Canada's retail fuel sales volume by 17% compared with 2022 levels.
Canadian Tire’s Triangle Rewards program and Petro-Canada’s Petro-Points loyalty rewards are also partnering to provide benefits to consumers, the companies said.
Canadian Tire said the new partnership means that its Triangle Rewards program will reach more than 1,800 gas stations nationwide, giving members more opportunities to earn points.
The stock of Canadian Tire is flat over the last 12 months (up 0.08%) at $174.24 per share.
Suncor’s stock has declined 18% in the past year to trade at $38.97 a share.
