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Shell prices drop as oil plummets
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Posted on Aug 15 2008
Shell gas stations in the CNMI lowered prices for the third time in nearly one month Friday as the price of oil continued to fall after reaching record highs earlier this summer.
In a statement, Eloy Lizama, president of Shell Guam, said the price of all Shell gasoline would drop by 10 cents
“Shell will lower the price of Shell premium and Shell unleaded gasoline and Shell diesel,” Lizama said. “Since our last price reduction on August 7th, the market costs of Shell’s fuel products have continued to reduce. Shell wishes to immediately pass these savings onto our customers.”
Shell’s announcement comes as the price of oil on the New York Mercantile Exchange fell Friday to $112.31 a barrel, the lowest in more than three months, before settling at $113.01 per barrel by the close of the day. The closing price represents a drop of just over 23 per cent from July’s high of $147 per barrel.
Prices at Shell stations will stand at $4.57 cents per gallon for self-served regular gas, $4.71 per gallon for full service. Premium gas prices fell to $4.75 per gallon self-served and $4.87 per gallon for full service. Diesel prices dropped to $5.50 per gallon.
Meanwhile, the CNMI’s gas prices are still far higher than those seen in the continental United States, where the national average price of unleaded gasoline now stands at $3.77 per gallon, according to AAA. The national average price for unleaded gasoline on the same day one year ago, AAA notes, was $2.76.
[B]SHELL PRICES[/B] [B] REGULAR[/B] Self Service $4.57Full Service $4.71
[B] PREMIUM[/B] Self Service $4.75
Full Service $4.87
Diesel $5.50
