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Shell hikes pump prices for 8th time
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Posted on Aug 08 2005
Less than a month after increasing pump prices on Saipan by 6 cents per gallon, Shell Marianas again hiked prices by up to 8 cents per gallon effective last midnight, its eighth round this year.
Some motorists who knew about the impending price hike last midnight rushed to have their vehicles’ gas tanks filled to full capacity, according to a Shell gas station employee, who requested anonymity. Shell’s pump prices are now as high as $3.199 per gallon.
“We are already telling the motorists about the price increase,” the gas station attendant said.
In a media statement, Shell Marianas president Phil Stalker justified the new gallon price adjustments—8 cents for premium gasoline, 6 cents for regular gasoline, and 5 cents for diesel—attributing the increase to high global prices of oil.
“The cost of crude oil and finished products in Singapore, where Shell sources its fuel, has reached a new historical high, necessitating a movement in outpricing,” Stalker said in the media release.
Shell stations on Saipan now peg new gallon prices of regular and premium gasoline at $3.039 and $3.199, respectively, at full-serve rate. Their self-serve rate now sells at $2.909 and $3.079 per gallon. The price of diesel increased to $3.189 per gallon at full-serve rate.
“Shell is aware of the impact the continuing price rises have on our customers. We are controlling operating expenses while closely monitoring supply costs, so we will be able to reduce our pump prices as soon as possible,” Stalker added.
The new round of price increases becomes Shell’s eighth for the year. It had rolled back pump prices this year only twice—in January and May.
Shell has been increasing pump prices almost every month, except for implementing the rollback in May. Last month, Shell implemented upward gallon price adjustments twice—by up to 7 cents beginning July 7 and by 6 cents the following week.
