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Wednesday, April 23, 2014

Shell pump prices up 8 cents

Shell Marianas increased its fuel retail prices by 8 cents a gallon effective midnight last night, 10 days after it imposed an 11-cent increase a gallon.

Today’s increase is at least the sixth time the company raised its pump prices this year.

Ruben Domingo, president of Shell Guam, said in a statement yesterday that rate increase in inevitable in view of the continued increases of fuel prices in the international market.

“Oil products in the region continued to increase in cost from our last price rise 10 days ago. We again need to adjust our prices to maintain alignment with our supply cost,” said Domingo.

Local Shell stations are now selling its fuel at the following rates:

Full-serve - $3.509
Self-serve - $3.379

Full-serve – $3.669
Self-serve - $3.549

Diesel gasoline sells at $3.539 per gallon.

A Reuters report on Monday said that national pump price jumped 3.8 cents over the last week to $2.95 a gallon, quoting government records. Prices of fuel products are typically higher in the CNMI than the national average.

Reuters said that motor fuel is up 78 cents from a year ago and is now the third-highest price ever, based on the federal Energy Information Administration’s weekly survey of service stations.

In the EIA’s latest weekly survey, the West Coast had the most expensive gasoline, with the price up a penny to $3.25 a gallon. Los Angeles topped the survey of cities, with gasoline down 2.4 cents at $3.40 a gallon.

The Gulf Coast states had the cheapest gasoline at $2.83 a gallon, up 1.8 cents. Among major cities, Denver had the best pump price at $2.81, down 0.1 cent.

The new rise at the pump mirrors an increase last week in crude oil prices, which account for about half the cost of making gasoline. Gasoline prices also normally increase heading toward the Memorial Day holiday weekend at the end of May, the traditional start of the U.S. summer vacation season, the report said. (with Reuters)

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