FOR the third time in two weeks, Mobil Oil Marianas has rolled back its gasoline prices; this time by 15 cents. Shell is expected to follow suit.
On Wednesday, at 2 p.m., Mobil regular gas price went down to $6.01 a gallon from $6.16 a gallon while its premium gas price dropped to $6.46 a gallon from $6.61 a gallon. Diesel remained $7.13 a gallon.
Calvo Enterprises on Rota implemented the two consecutive rollbacks last week, reducing its regular gas price by 40 cents and diesel by 45 cents on Saturday. From $8.04 a gallon, gas on Rota is now down to $7.64 a gallon and diesel, from $11.02 a gallon fell to $10.57 a gallon.
However, as of 6 p.m., Wednesday, the latest 15-cent rollback had not been implemented yet on Rota.
The Tinian Fuel Services had also not reduced its prices in response to the rollback on Wednesday, but it implemented the earlier 15-cent and 25-cent rollbacks on Tuesday and Thursday last week.
As of 6 p.m. Wednesday, Tinian’s regular gas price was down to $7.90 a gallon from $8.15 a gallon while the cost of diesel was lowered to $9.05 a gallon from $9.29 a gallon.
Noting the 55-cent price rollback in the past two weeks, Wendell Posadas, an auto shop operator, said the prices of other commodities should follow, especially power.
Posadas said during the series of fuel price hikes, a lot of people he knows were trying their best to save gas.
In his case, he stopped using a vehicle that consumes more gas. “But I miss driving it,” he said.
Quoting experts, Yahoo Finance on Wednesday said, “The relief at the pumps may not last unless the global economy slips into a recession.”
The current price decreases “’follow a significant retreat for crude oil prices in June, and interest rate hikes from central banks aimed at reining in inflation sparking fears of a global recession. Those fears likely weighed on the minds of institutional investors in recent days as they sold out of crude futures contracts,’ says Rory Johnston, an oil industry analyst and founder of Commodity Context.”
The Mobil Oil station on Isa Road in Sadog Tasi displays its prices on Thursday.
