FOR the second time in two weeks, the prices of fuel on Saipan have gone down.
Mobil Oil Marianas on Wednesday reduced its regular gas price to $5.21 a gallon from $5.31 a gallon; the premium gas price to $5.66 a gallon from $5.76 a gallon; and diesel price to $5.43 a gallon from $5.58 a gallon.
Shell Marianas is expected to follow suit.
Tinian Fuel Services adjusted its regular gas price last week to $7.09 a gallon from $7.19 a gallon, and its diesel price to $7.49 a gallon from $7.64 a gallon, but it had yet to implement Wednesday’s price rollback.
On Rota, Calvo Enterprises also had yet to implement on Wednesday the second price rollback, but it reduced its gas price last week to $6.79 a gallon from $6.89 a gallon. The price of diesel remains $9.67 a gallon.
Former Rep. Mario Taitano of Saipan said it helps when fuel prices go down because he wouldn’t have to pay more for gasoline on which he spends an average of $70 in two weeks running house errands and helping the island’s baseball community by organizing local umpires.
He hopes that gas companies will be as quick to reduce prices as they are to increase them.
He said he understands that it’s the world market that dictates fuel prices, but local gas companies should be consistent in following global fuel price changes.
When fuel prices go up and down, Taitano said, “it looks like they’re playing with us.”
According to the U.S. Energy Information Administration, gasoline prices generally follow crude oil prices. “Gasoline prices tend to increase when the available gasoline supply decreases relative to real or expected gasoline demand or consumption. Gasoline prices can change rapidly if something disrupts crude oil supplies, refinery operations, or gasoline pipeline deliveries.”
On Wednesday, Reuters reported that “oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week.”
Mobil Oil Marianas in Chalan Kiya displays its prices on Wednesday.
