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Mobil follows Shell, lowers fuel prices
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Posted on Nov 23 2004
Gas stations on the islands rolled back pump prices by up to 5 cents a gallon, following price reductions in the world price of oil.
Mobil gas stations implemented the price rollback beginning midnight the other day, following Shell’s decision to slightly reduce pump prices Saturday.
Mobil reduced gallon prices of unleaded gasoline and diesel by 3 cents and 5 cents, respectively.
Mobil’s pump prices for regular and super unleaded gasoline at full-serve rate are now $2.829 and $2.929 per gallon. Gallon prices at self-serve rate are slightly lower at $2.619 and $2.729. Mobil pegged diesel’s gallon prices for self-serve and full-serve rates at $2.709 and $2.799, respectively.
Mobil’s move to roll back pump prices followed that of Shell, which announced Friday its decision to decrease fuel prices beginning midnight of that day.
The fuel price rollback became the first such move this year, after a series of upward price adjustments for about 10 times beginning last January. Everytime Shell announced a price increase, Shell Marianas president Phil Stalker consistently assured of a price rollback once market forces ease.
Last Friday, Stalker cited in a media release the worldwide easing of the price of oil and growing stocks of refined products as factors that led to the price rollback.
Shell reduced pump prices by 5 cents a gallon, making the new prices of regular and premium gasoline at full-serve rate $2.749 and $2.839, respectively. Self-serve rates are now $2.619 and $2.719. Diesel at the pump sells at $2.799 a gallon.
The last round of price increases for Mobil and Shell took effect on Oct. 26 and 27, which moved pump prices closer to $3 per gallon, before finally implementing the price rollback. The series of upward pump price adjustments have already impacted the prices of commodities and services.
