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Gas price hike rumor triggers panic buying
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Posted on Jun 05 2008
Rumors about another gas price hike triggered panic buying among many motorists on Saipan yesterday, resulting in long lines at many gas stations on island.
Vehicles started forming long lines at almost all Mobil and Shell gas stations on the island at 12:30pm when text messages about another gas price increase began spreading.
Text messages and phone calls had it that at 2pm gas prices would hit $5.40 cents a gallon.
Attendants at some Mobil and Shell stations told Saipan Tribune that they were surprised when cars began lining up at 12:30pm.
The attendants said the gas price hike was untrue.
At 2:15pm, Saipan Tribune checked some gas stations and observed that there were still many vehicles pumping gas despite no such increase being implemented.
A woman who identified herself only as Sylvia said she filled her car to the brim after a friend informed her of news that gas prices would hit over $5 by 2pm.
Letty Santos, who was among those lining up at Mobil Station on Beach Road, Garapan before 2pm, said she rushed to the gas station after hearing about a big price increase.
A construction worker in Kagman said he had to purchase gas in Garapan because the Kagman gas station might run out of gas because of the long lines.
Some people, however, said the increase was not possible, considering that oil prices in the world market were dropping.
Last Wednesday, oil prices fell sharply, dropping below $124 a barrel.
The two oil companies on island had just adjusted their gas prices in the CNMI last week, when crude oil was at $129.07 a barrel.
