Mobil Oil Marianas in Chalan Kiya displays its fuel prices.
MOBIL Oil and Shell Marianas have increased their fuel prices by 10 cents. It’s the first fuel price hike this year.
Shell Marianas adjusted its prices on Tuesday (not Thursday as earlier reported) and Mobil Oil followed suit on Wednesday.
The regular gas price on Saipan increased to $5.369 a gallon from $5.269 a gallon; the premium gas price rose to $5.819 a gallon from $5.719; and the diesel price went up to $5.489 a gallon from $5.389.
As of Thursday, the regular gas price at Tinian Fuel Services was $7.90 per gallon, while the diesel price was $7.47 per gallon.
On Rota, Calvo Enterprises’ regular gas price was $6.64 a gallon while the diesel price was $10.04 a gallon.
The fuel stations on Tinian and Rota had yet to raise their fuel prices.
Vic Binalay, who works for the private sector, said he spends $40 a month on gas, adding that his workplace in Garapan is not that far from his residence in Gualo Rai.
But any increase in commodity prices, especially gasoline, “hurts my pocket because it adds to my expenses, which means less take-home pay from my salary. I hope that next time, gasoline prices will go down,” he said.
Global prices
According to Reuters, oil prices rose for a second day on Thursday “after a larger-than-expected decline in U.S. crude oil stockpiles added to supply concerns stoked by U.S. sanctions against Russian energy trade.”
Reuters reported that “Brent crude futures rose 30 cents, or 0.4%, to $82.33 per barrel by 0120 GMT, after rising 2.6% to its highest since July 26 in the previous session. U.S. West Texas Intermediate crude futures rose 32 cents, or 0.4%, to $80.36 a barrel after gaining 3.3% on Wednesday, reaching its highest since July 19.”
Prices rose after the U.S. Energy Information Administration reported on Wednesday domestic crude oil stocks fell for the seventh time in a row last week, the longest declining streak since July 2021, Reuters reported.
“Global crude oil supplies are expected to tighten in the months ahead as fresh U.S. sanctions on Russian oil producers and tankers have sent Moscow’s top customers scouring the globe for replacement barrels, while shipping rates have surged too.
“The latest round of sanctions could disrupt Russian oil supply and distribution significantly, the International Energy Agency said in its monthly oil market report on Wednesday.
“The Organization of Petroleum Exporting Countries and its allies, which have been curtailing output over the past two years, are likely to be cautious about increasing supply despite the recent rally in prices, said Commodity Context founder Rory Johnston.”
Reuters quoted him as saying, “The producer group has had its optimism dashed so frequently over the past year that it is likely to err on the side of caution before beginning the cut-easing process.”
Limiting oil’s gains, Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners, Reuters reported.
