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Shell hikes pump prices anew
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Posted on Aug 16 2005
A week after implementing a gas price hike, Shell Marianas Inc. will increase its pump prices anew by up to 8 cents per gallon effective today.
The new round of price increases becomes Shell’s ninth on Saipan this year. The gallon price at the pump now reaches as high as $3.279.
Shell Marianas president Phil Stalker said in a news release that global oil prices continue to force upward price adjustments at the local pumps. Shell decided to increase gallon prices by 8 cents for regular and premium gasoline, and 4 cents for diesel.
“Oil products in Singapore continue to trade at record levels and we need to adjust our prices again to maintain alignment with our supply cost,” Stalker said.
Shell stations on Saipan now peg new gallon prices of regular and premium gasoline at $3.119 and $3.279 respectively, at full-serve rate. Their self-serve rate now sells at $2.989 and $3.159 a gallon. The price of diesel increased to $3.229 per gallon at full-serve rate.
“While we continue to seek opportunities to improve efficiencies in our supply chain, these efforts have been swamped by the demand side pressure of the open market,” Stalker explained. “Locally, most of us will be aware from the international media that this phenomenon is not restricted to the North Pacific”.
Shell had rolled back pump prices this year only twice—in January and May.
