Gas prices go up—again

Mobil Oil Mariana Islands, Inc. raised its gas prices by 5 cents a gallon yesterday—the sixth increase this year—bringing the total gallon price hike to 27 cents since the start of the year. Shell Marianas followed suit at midnight last night, raising its pump price by 7 cents a gallon—its fourth increase this year.

The increases nudged gas prices closer to the $3-dollar mark, with Mobil’s full-service rate for super gasoline hitting $2.679 per gallon and Shell’s super gasoline full-service rate at $2.599 per gallon.

A statement by Mobil said their increase is a result of continued higher product costs of gasoline in the region.

“A combination of global and regional factors, which include increases in crude oil prices, freight cost increase, supply and increasing demand have impacted the cost of gasoline,” said retail manager Bernadette Valencia of Mobil Oil Mariana Islands Inc. “The tight supply and crude oil prices remain high thus putting pressure on prices locally.”

Valencia said the oil prices have reached a level not seen in over 13 years.

“A barrel of crude oil has reached over $38 a barrel, the highest since October 1990 when prices were volatile after Iraq’s invasion of Kuwait,” she said.

Valencia, however, said that the company will continue to monitor product cost and pass on any savings it can to the consumers.

“We encourage our customers to keep their vehicles well maintained to help improve fuel efficiency,” she said.

Saipan Tribune tried to reach Jeff Boyer, Shell Marianas retail area manager, yesterday but he was unavailable.

In an interview last night, however, John Valencia of Shell Marianas gas station in Puerto Rico affirmed that the company will raise rates effective midnight early this morning. This will put Shell’s total gallon price adjustment at 24 cents for this year alone.

Mobil first increased pump prices by four cents a gallon in January, before increasing them again by 3 cents a gallon, matching Shell gas stations’ pump price adjustment of 7 cents per gallon.

Mobil later declared three 5-cent increases beginning March 11. Another 5-cent increase was declared last April 19. The most recent 5-cent hike became effective after midnight yesterday.

Shell’s gas stations on Saipan first increased rates this year by 7 cents a gallon, followed by two rounds of 5 cents a gallon, and yesterday’s 7-cents increase.

Prices at Mobil stations on the island are now pegged at $2.589 per gallon for full-service regular gasoline and $2.379 for self-service of this gasoline per gallon. Self-service super gasoline is retailed at $2.479 per gallon.

Shell stations’ retail rate for full-service regular gasoline is $2.499 per gallon. Its self-service super gasoline rate is $2.499 per gallon while self-service regular gasoline rate is $2.399 per gallon. Shell’s diesel rate also jumped by 5 cents from $2.429 to $2.479 per gallon.