By Emmanuel T. Erediano
[email protected]
Variety News Staff
MOBIL Oil Marianas and Shell Marianas increased their gasoline prices by 20 cents and diesel by 40 cents on Tuesday night amid the ongoing war in the Middle East.
The last time fuel prices in the CNMI rose by 20 cents was in March 2022, following Russia’s invasion of Ukraine, which sent shockwaves through global energy markets.
From $5.16 a gallon last week, Mobil Oil’s regular gasoline price increased to $5.36 a gallon at 7 p.m. Tuesday. Shell Marianas followed suit hours later. Premium gasoline rose to $5.81 a gallon from $5.61, while diesel climbed to $5.98 a gallon from $5.58.
On Wednesday morning, Tinian Fuel Services’ prices were $7.39 a gallon for regular gasoline and $8.22 for diesel. Calvo Enterprise’s prices on Rota were $6.54 a gallon for regular gasoline and $9.02 for diesel.
Saipan Chamber of Commerce President Dr. Joshua Wise said in an interview Wednesday that 20 cents is a significant increase. He hopes there will not be further fuel price hikes. “Businesses are hoping that fuel prices stabilize before airlines adjust airfare based on the new costs,” Wise said.
Although he uses less fuel for his car because his office is close to his residence, which helps him save on gas, Wise said he still hopes oil prices stabilize despite the ongoing situation in the Middle East.
When the CNMI experienced a series of fuel price hikes in 2022, regular gasoline reached $5.76 a gallon before stabilizing in the following years.
According to Gulf Coast NBC, oil prices rose after U.S. strikes on Iran over the weekend. Brent crude oil, the global benchmark for oil prices, hit a 52-week high, surpassing $80 per barrel on March 3.
“While rising tensions in the Middle East have contributed to the surge in oil prices, the increase is primarily the result of shipping disruptions and insurance issues affecting vessels in the Strait of Hormuz, a vital shipping lane,” Gulf Coast NBC reported.
Emmanuel “Arnold” Erediano has a bachelor of science degree in Journalism. He started his career as police beat reporter. Loves to cook. Eats death threats for breakfast.
