HAGATñA — It seems only yesterday when residents on Guam could not believe that gasoline prices fell four times during a short period last October.
Gasoline prices on Guam, however, went up to approximately $1.77 a gallon from $1.75, a few weeks ago.
“I was surprised by the somewhat very fast change in prices. I had just bought gasoline last Thursday at $1.75 and last Sunday, I was shocked that the price is already $1.77 to a gallon,” said Tamuning resident Delia Gomez.
The reaction of community members mirrors the same level of surprise that they had last year when prices of gasoline went down.
“It was a pleasant surprise for me when gas prices went down last year. I don’t know if I have to fill up my tank now because who knows whether the prices might just skyrocket tomorrow,” said Jose Dela Cruz, a Dededo resident.
Klaus Kokott, 76 Station vice president of marketing, said the increase in gasoline prices was brought about by the cost increases for fuel.
“The purchase price for fuel has increased so the purchase price for our inventory, the cost, has increased. We have to increase, (because) the replacement costs have increased,” Kokott said.
It remains to be seen whether there will be another increase in gas prices in the next few days.
“The fuel price can change on a daily basis. We’ve had the luxury of not changing prices for almost two months. In the last week and a half, prices changed three times. So, the cost of supply is very volatile. It changes all the time,” Kokott said.
According to MSNBC, crude oil prices have continued to increase following an agreement by the Organization of Petroleum Exporting Countries to maintain production cuts through the middle of the year.
The oil inventories in the United States dipped as refineries continue to perform maintenance to prepare for a seasonal increase in demand that has already been starting, MSNBC said.
The roller coaster movement of gas prices is a function of the petroleum market, Kokott said.
“We’ve seen only a 7-cent increase here. The states have seen as high as 14 cents (to a gallon) over a couple of days,” Kokott said, adding that 76 Station was the last one to increase its street price.
