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Personal Finance However, business activity is still below pre-pandemic levels.Thank you, Edward. These steps included a 25% decrease, $0.52 on an annualized basis to our quarterly distribution and our common units for the period from January 1, 2020 to March 31, 2020.In our GDSO segment, the gasoline distribution portion of the business benefited from higher retail fuel margins that more than offset a decrease in volume. These statements may include, but are not limited to, projections, beliefs, goals, estimates concerning the future financial and operational performance of Global Partners. Retirement
Please go ahead, sir.Cumulative Growth of a $10,000 Investment in Stock AdvisorVolume in our GDSO segment declined 32% or 132 million gallons, reflecting the decline in automobile travel due to the impact of COVID-19 and volume in our commercial segment declined 32% or 58 million gallons due to declines in both gasoline and bunker fuel.
About Us Because our assumptions and future performance are subject to a wide range of business risks and uncertainties, we can provide no assurance that actual performance will fall within any guidance ranges. Stay safe and enjoy the rest of your summer, everyone. In our GDSO segment, gasoline distribution product margin was up 23% year-over-year. [Operator Instructions] Ladies and gentlemen, we have no questions in queue at this time. Because our assumptions and future performance are subject to a wide range of business risks and uncertainties, we can provide no assurance that actual performance will fall within guidance ranges if provided.
All earnings call transcripts on Global Partners LP (GLP) stock. Storage capacity in our terminal network positions us to be able to take advantage of this contango environment. Yeah, what we've always said is that -- what's interesting about that market is, it's made up of many, many, many operators, many individual operators, small companies, family run businesses and there is almost always a transaction going on somewhere across the country.
Our terminal network enabled us to take advantage of a dramatic shift in the forward product pricing curve, leading to a $73.5 million increase in wholesale product margin from the same period last year.It's important to keep in mind that in Q1 of this year our wholesale product margin declined by nearly $30 million year-over-year. About Us With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Ms. Daphne Foster; Chief Operating Officer, Mr. Mark Romaine; and Chief -- and Executive Vice President and General Counsel, Mr. Edward Faneuil.With that, Eric and I will be happy to take your questions.
Download the investor presentation - earnings call slides. Stock Market I do not believe this will return in full for the seeable future, particularly as more people work remotely. Stock Market We paid down our revolving credit facility with the $50 million of cash on hand and we raised our quarterly distribution by $0.26 on an annualized basis.In terms of leverage, I think 3.1 for us from a funded debt to EBITDA standpoint, obviously, it doesn't include the working capital, which as you know, expands and contracts just based on commodity price more than anything else. At the end of the quarter, our GDSO portfolio consisted of 1,536 sites, comprised of 283 Company-operated stores, 258 commissioned agents, 214 lessee dealers and 781 contract dealers. Ladies and gentlemen, this concludes today's question-and-answer session. Thank you so much for following us.I know the question on everyone's mind is, what do you expect going forward?
Operating expenses were down $0.4 million to $82.5 million in the first quarter of 2020. This decline more than offset the $0.7 million write-off of deferred financing fees associated with the amendment to our credit agreement in May 2020. Margins, however, were strong, increasing 62% over the same period in 2019.Thank you very much for those kind words and stay healthy and safe.