AFTER three fuel price hikes last month, Mobil Oil Marianas on Monday afternoon reduced its gasoline prices by 11 cents, and the diesel price by 10 cents. Shell is expected to follow suit.
Mobil’s regular gasoline price went down to $5.06 a gallon from $5.17 a gallon; premium to $5.51 a gallon from $5.62 a gallon; and diesel to $5.33 a gallon from $5.43 a gallon.
The regular gas price on Tinian is still $6.99 and the diesel price is still $7.14.
Variety was told that Tinian Mobil does not follow the fuel prices on Saipan because fuel is shipped to Tinian from a different source. Also, the cost of shipping and the docking operation of a fuel tanker at Tinian port is added to the fuel price per gallon.
Division of Youth and Services Probation Officer Sylvio Ada said he appreciates the price rollback because it helps him save money. He said even though he works for government, he drives his own vehicle and spends his own money for gas even for job-related travels on island.
He drives a V6 Toyota Tacoma truck and lives in Kagman. His average gasoline consumption is about $70 a week.
“Every time I need to go to Superior Court to attend a hearing, and to my workplace on Capital Hill, I spend my own money for gas,” Ada said. “And that’s why I’m always thankful every time the fuel prices go down.”
According to Reuters, crude oil prices fell on Monday “on expectations of increasing supply, while higher energy costs and rising Covid-19 cases are also seen weighing on demand.”
Reuters reported that “oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden’s administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.”
Reuters quoted commodities analyst Bjarne Schieldrop as saying, “Possible releases of oil from U.S. strategic petroleum reserves gets lots of the blame from the decline in price. The more likely reason for the current oil price weakness is rising Covid-19 infection rates and associated concerns for global oil demand on the back of lockdowns or restrictions.”
The Mobil gas station on Middle Road in Garapan displays its new prices on Monday.
