Mobil Oil on Beach Road in Garapan displays its gasoline prices on Tuesday.
Photo by Emmanuel T. Erediano
AFTER last month’s increase, fuel prices on Saipan dropped by 10 cents on Tuesday.
Mobil Oil Marianas reduced its regular gasoline price to $5.169 a gallon from $5.269, its premium gasoline price to $5.619 from $5.719, and its diesel price to $5.289 from $5.389.
Shell Marianas adjusted its prices on Tuesday night.
As of Wednesday, Tinian Fuel Services’ regular gas price was $7.21 a gallon, and the diesel price was $7.50 a gallon.
On Rota, Calvo Enterprises’ regular gas price was $6.64 a gallon and the diesel price was $9.72 a gallon.
Maintenance worker Paul Milo said he spends about $100 a month on gasoline for his car, so he’s happy whenever fuel prices go down. He said the savings from the price cut will allow him to buy more of the basic commodities he needs.
On Tuesday, Reuters reported that oil prices settled down more than $1 a barrel at a four-year low as investors priced in an increasing likelihood of a recession due to the escalating trade war between the U.S. and China, the world’s two biggest economies.
“Brent futures settled down $1.39, or 2.16%, at $62.82 a barrel. U.S. West Texas Intermediate crude futures settled down $1.12, or 1.85%, at $59.58.
“The two benchmarks have slumped by 16% since…President Donald Trump’s April 2 announcement of tariffs on all U.S. imports,” Reuters stated.
