EL PASO, Texas -- John Mimbela hasn't been this happy about filling up his gas-guzzling pickup truck in a while.

"It usually takes about $95. I should save, hopefully, 20 bucks," said Mimbela. He's not the only one hoping to save a few bucks at the pump.

"It was a relief, actually," said Fabian Sims, as he filled up his pickup truck and looked at the marquee. The relief he's talking about is cheaper gas.

Early Thursday morning, the owner of the Phillips 66 at 7500 block of Gateway North Boulevard walked outside to the marquee to change prices. People watching asked, "Is it going up?" Jahan Hemati, the owner, decided to change the price of regular unleaded gas to $2.99.

"I said, 'You know what? Once in a while you have to share what you earn with the people,'" said Hemati. "It's kind of my gift to the people for Christmas," he said.

But there's a catch: Customers have to pay cash. Hemati said by lowering his prices, he's losing 25 cents for every gallon. However, if customers pay with a credit card, transaction fees add up, and he'll lose about 37 cents a gallon.

"It's a little bit harder than usual, but it's not a big deal if I'm going to save 50 cents on gas per gallon," said Mimbela, who had to pass by the ATM before stopping at the gas station.

Paper signs were posted at the pump, letting customers know it was cash only. Inside the convenience store, customers lined up with cash in hand, and outside the line of cars started growing. Some drivers traveled long distances to get what they call, 'A deal.'

"I know it's kind of stupid; you're coming all the way from the east side ... going that far for gas, but for $2.99, it's well worth it," said Sims, whose wife was on her way to fill up.

Hemati dropped his price to $1.99 two years ago when prices started climbing. The average price for regular unleaded gasoline in El Paso was $2.75 a year ago, and it's $3.40 today.

Hemati said he plans to keep his sale going until Friday, but he's asking customers to pay with cash.