TORONTO — Canadian Tire Corp. Ltd.'s more than 200 retail fuel sites will be rebranded under Petro-Canada in a new partnership between the retailer and the fuel brand.
Canadian Tire says in a joint release with Suncor Energy Inc. that the agreement will see Suncor's Petro-Canada become the primary fuel provider for the Canadian Tire network of gas stations.
The companies say this deal will increase Petro-Canada's retail fuel sales volume by 17 per cent compared with 2022.
The two brands' loyalty programs, Triangle Rewards and Petro-Points, will also partner to deliver expanded benefits, Canadian Tire says, though each company will retain full ownership and control of its own loyalty program.
Canadian Tire president and CEO Greg Hicks said in the press release that the new partnership means the Triangle Rewards program will reach more than 1,800 gas stations, giving members more opportunities to earn rewards.
Suncor president and CEO Rich Kruger said in the release that the partnership will provide value to shareholders by securing a long-term supply relationship for the company's refineries.
This report by The Canadian Press was first published May 3, 2023.
Companies in this story: (TSX:CTC, TSX:SU)
The Canadian Press
