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Shell prices drop
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Posted on Jul 31 2008
Shell announced Thursday its gas stations are poised to lower prices today as market observers worldwide are marking a drop in the cost of oil after it hit record highs earlier this month.
In a statement, president of Shell Marianas Eloy Lizama said the local gas price drop is due to the reduced cost of the company’s supply.
“Shell will lower the price on Shell premium and Shell unleaded gasoline and Shell diesel effective at the close of business tonight [July 31],” he said. “Since our last price movement, the market cost of Shell’s supply has reduced and we will pass these savings on to our customers.”
Gas prices in the CNMI, still the highest in the nation, have fluctuated significantly in recent months. Last week, Mobil stations lowered prices and Shell stations later followed.
The price at Shell stations for unleaded gasoline, according to Shell’s statement, will drop by 10 cents per gallon to $4.87 and by 8 cents per gallon for premium gas to $5.02. Diesel prices will decrease by 10 cents per gallon to $5.79.
Shell’s price drop comes as the global price of oil has fallen below the record $147 per barrel seen July 11. Crude oil prices rose to $4.58 to land at $126.77 yesterday according to the New York Mercantile Exchange.
Meanwhile, the average price of gas nationwide has also seen a slight drop according to statistics from AAA. The current average now stands at $3.90 per gallon for regular gasoline, $4.20 for premium and $4.69 for diesel, roughly one cent lower for each type beneath the average earlier in the week. However, these prices are still much higher than the price on the same day one year ago. The national average price per gallon for regular gas then, for example, was $2.86.
