3rd price rollback in July

A Mobil Oil Marianas gas price signboard displays the new gas prices. (CONTRIBUTED PHOTO)

Just two weeks into the month, the CNMI has already seen three consecutive gas price rollbacks, with yesterday’s price adjustment seeing gas prices reduced by another 15 cents.
Mobil Oil Marianas led the CNMI’s third cut in gas prices early yesterday morning, with Shell Marianas almost immediately following suit, reducing its prices in the afternoon.

This means the per-gallon price of regular fuel across Saipan has been reduced to $6.01 from $6.16. Supreme fuel is now $6.46 per gallon from $6.61, while diesel remains at $7.13 per gallon.
A local motorist hopes that this trend will just continue. “I don’t want to jump the gun but I really hope this kind of trend continues because, although 15 cents may seem small, it makes a huge difference to those who are strapped for cash,” she said.

Another motorist, a 42-year-old male, said the string of price rollbacks could not have come at a better time.

“Most of those who got their stimulus have probably already exhausted it by now. Others are still waiting, there is a delay in processing refunds, utility costs are at an all-time high, and we are seeing another spike in COVID cases. This relief is welcome and couldn’t have come at a better time as the people of the CNMI continue to struggle with everything else going on,” he said.
Starting last July 5, the CNMI saw a series of fuel price rollbacks, with prices dropping from $6.56 per gallon of regular fuel at the beginning of the month, to now at $6.01.

The first rollback was seen on July 4, with local oil companies reducing prices by 15 cents from $6.56 to $6.41. Then, just 24-hours later, in the early hours of July 7, the CNMI saw the largest rollback by far when oil companies dropped their prices by 25 cents from $6.41 to $6.16.
However, prior to the consecutive reductions in fuel prices, the CNMI saw a string of increases. The latest increase in fuel prices happened in the first few weeks of June with local oil companies across Saipan raising prices by 15 cents, followed by a few increases throughout the month.

Prior to the string of increases seen in June, a steady increase in fuel prices was also seen throughout the month of May with the last increase of 15 cents seen on May 20.
Oil companies have been raising their prices by 15 cents since April.

The steepest increase the CNMI saw in the past few months was back in April 20, when local oil companies increased their prices by 20 cents, bringing regular fuel prices up to $5.96 for a gallon.