MOBIL Oil Marianas on Tuesday reduced its gasoline prices by 10 cents, the third price rollback in the CNMI in as many weeks.
The regular gas price went down to $5.11 a gallon from $5.21 a gallon while the premium gas price went down to $5.56 a gallon from $5.66 a gallon. Diesel remains $5.43 a gallon.
Shell Marianas is expected to follow suit.
Tinian Fuel Services last week reduced its regular gas price to $6.99 a gallon and diesel price to $7.43 a gallon.
On Rota, Calvo Enterprises reduced its gasoline price last week to $6.69 a gallon and its diesel price to $9.52 a gallon.
Former Department of Public Works Public Information Officer Felipe Q. Atalig said the continuous gas price rollback is “the right direction” that will help consumers.
He said he hopes that soon the Commonwealth Utilities Corp. will also reduce the fuel adjustment charge or FAC as a result of the recent reduction of fuel prices.
The FAC is a monthly rate announced at the end of each month.
Atalig also said that he truly believes that the administration of Gov. Arnold I. Palacios and Lt. Gov. David M. Apatang is taking the Commonwealth in the right direction.
According to Reuters, oil prices fell on Tuesday “with the market cautious ahead of U.S. inflation figures, which will be key to the Federal Reserve’s next interest rate decision.”
And with “net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low,” Suvro Sarkar, lead energy analyst at DBS Bank, told Reuters.
Irina Slav of OILPRICE.com said “the major factor driving oil prices lower at the moment is economic uncertainty, with more and more analysts talking about a recession.”
Mobil Oil Marianas on Beach Road in Garapan displays its new prices on Tuesday.
