by an independently owned and controlled local enterprise (including an enterprise with more than one bulk storage establishment) engaged in the wholesale or bulk distribution of petroleum products if—
(A)#
the annual gross volume of sales of such enterprise is less than $1,000,000 exclusive of excise taxes,
(B)#
more than 75 per centum of such enterprise’s annual dollar volume of sales is made within the State in which such enterprise is located, and
(C)#
not more than 25 per centum of the annual dollar volume of sales of such enterprise is to customers who are engaged in the bulk distribution of such products for resale,
and such employee receives compensation for employment in excess of forty hours in any workweek at a rate not less than one and one-half times the minimum wage rate applicable to him under section 206 of this title ,