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Shell hikes prices by 8 cents
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Posted on Aug 31 2004
Shell gas stations on Saipan raised gallon prices of gasoline and diesel by 8 cents beginning midnight last night.
It was the company’s seventh round of price hike this year, with the last price increase of 4 cents on Aug. 5.
In an interview, Guam-based Shell president Phil Stalker said the latest price hike had actually been delayed in view of the recent typhoon that hit the islands.
Shell prices per gallon are now $2.54 for regular unleaded, $2.64 for premium unleaded, and $2.64 for diesel.
In a separate statement, Stalker said the increase was inevitable due to the continued price hike in crude oil globally and large regional demand.
“Two forces continue to push our cost of supply upwards: first, globally, the price of crude oil is closer to $50 per barrel than $30 per barrel last August. Regionally, demand for refined products, principally from China, continues to outstrip supply. As a result, we again find it necessary to raise our prices,” said Stalker.
“We understand this will not be welcome news,” he added, but “we remain committed to reversing recent trends as soon as market conditions permit.”
Mobil, which just increased its prices for the eighth time this year, the latest of which was on Aug. 19, offers premium gasoline for $2.61, regular for $2.51, and diesel for $2.49 a gallon.
Mobil Tanapag, an independent dealer, however, offers higher rates for regular gasoline: $2.729 for full serve and $2.519 for self serve. For premium, it is $2.819 for full-serve and $2.619 for self-serve. Diesel is at $2.589 for full-serve and $2.499 for self-serve.
Shell, which gets its fuel supply from Mobil, usually hikes its prices shortly after Mobil makes its own rate adjustment.
Both Shell and Mobil have said that their fuel supply on Saipan remains stable.
Mobil said Tinian still has ample fuel supply while Rota continues to ration gasoline and diesel due to delayed shipment.
