AFTER several fuel price hikes over the last couple of months, Mobil Oil Marianas and Shell Marianas rolled back their gasoline prices by 15 cents, and diesel by 10 cents on Tuesday and Wednesday, respectively.
The regular gas price went down to $6.41 a gallon from $6.56 a gallon; premium gas price to $6.86 a gallon from $7.01 a gallon; and diesel to $7.38 a gallon from $7.48 a gallon.
Asked about the price cut, a Saipan motorist who didn’t want to be identified said, “Any reduction in the gasoline price is good news.”
According to Bloomberg News, “The previously booming U.S. gasoline market is showing a few signs of cooling off.”
“Retail prices have now fallen for 21 consecutive days, the longest losing streak since April 2020,” Bloomberg reported.
“High prices for the fuel have given refineries an incentive to buy crude, thereby supporting oil prices. The spread between gasoline and West Texas Intermediate crude remains at an extraordinarily level of about $45 a barrel — but even that has ebbed slightly from a peak near $61 last month.
“Stockpiles of the fuel have expanded by more than 4 million barrels over the past two weeks. They normally decrease at this time of year.
“The tentative signs of a cool-down follow a period in which pump gasoline prices briefly topped a record $5 a gallon [on the mainland U.S.]. Even after the latest slide, they remained at $4.80 a gallon — an incredibly high level at any other time in history, American Automobile Association data released on Tuesday show.”
The Mobil station in San Vicente displays its prices on Tuesday.
