Mobil Oil Marianas in Tanapag displays its prices on Wednesday evening.
A WEEK after the last fuel price hike, Mobil Oil Marianas at 4 p.m. Wednesday increased its gasoline prices by 15 cents and diesel price by 20 cents.
Shell is expected to follow suit.
The regular gas price went up to $5.51 a gallon from $5.36 a gallon; the premium gas price is now $5.96 a gallon from $5.81 a gallon; and diesel is now $5.83 a gallon from $5.63 a gallon.
As of Wednesday, Tinian Fuel Services had not implemented the latest price hike, but its regular gas price had gone up to $7.17 a gallon from $7.07 a gallon following last week’s price hike. Tinian’s diesel price is now $7.449 a gallon.
On Rota, prior to the latest price hike, the regular gasoline price was $6.74 a gallon while diesel price was $9.62 a gallon.
Philip Canuto, owner of Island Touch floral shop, said the 15-cent increase is “high.”
He said many businesses will be affected because their customers are likely to reduce spending on non-basic needs.
“People will prioritize their needs, so products and services like ours will be the last thing they spend their money on,” Canuto added.
According to Reuters, oil prices “surged on Wednesday, trading near their highest levels since April, buoyed by crude and fuel product inventory data showing robust U.S. demand.”
Reuters added that crude oil inventories “have also begun to drop in other regions as demand outpaces supply, which has been constrained by deep production cuts from Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries…that has provided price support.”
