MOBIL Oil Marianas on Tuesday morning rolled back its gas prices by 10 cents, the second price rollback this month following a series of price hikes over the last several months.
Shell Marianas is expected to follow suit.
Mobil Oil’s regular gas price went down to $5.76 a gallon from $5.86 a gallon while its premium gas price is down to $6.21 from $6.31 a gallon. The diesel price is still $6.48 a gallon after the previous rollback earlier this month from $6.63 a gallon.
“This is welcome news to everybody here on island,” said former Congress of Micronesia member Felipe Q. Atalig. “This price rollback is well appreciated.”
He said these days he has been spending $40 to $50 a week on gasoline. He drops and picks up his grandchildren from school, Monday to Friday. They live with their parents in Papago, he added.
He said he also likes to bring his grandchildren to a store for some treats, then to his house in Gualo Rai before bringing them to their home in Papago.
Atalig said every day he also visits his brother Jack who is confined in the hospital.
On Wednesday, Reuters reported that oil prices had climbed as Shanghai’s relaxation of some Covid-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
Brent crude futures rose by $3.26, or 3.31%, to $101.74 a barrel at 1002 GMT while U.S. West Texas Intermediate was up $3.01, or 3.19%, at $97.30, Reuters stated.
“The oil market is still vulnerable to a major shock if Russian energy is sanctioned, and that risk remains on the table,” wrote Edward Moya, a senior market analyst with OANDA.
According to Reuters, International Energy Agency or IEA member nations are planning to release 240 million barrels over the next six months from May in an effort to calm the market.
“While the release will ease immediate tightness, analysts suggested it will not solve the structural deficit caused by underinvestment and stocks will need to be replenished,” Reuters stated.
The Mobil gas station on Beach Road in Garapan displays its new prices on Tuesday.
