Another gas price rollback

A Mobil Oil Marianas signboard displays the new reduced gas prices. (KIMBERLY ESMORES)

Local oil companies continue to reduce their fuel prices, this time by another 15 cents that caught many motorists pleasantly surprised.

Both Shell Marianas and Mobil Oil Marianas reduced their gas prices again less than a week since their last price rollback. Mobil Oil Marianas took the lead late last Tuesday afternoon while Shell Marianas followed suit early yesterday morning.

With the latest rollback, a gallon of regular fuel now costs $5.86 from $6.01. Supreme fuel was also reduced from $6.46 per gallon to $6.31 while diesel finally went down from $7.13 per gallon to $6.98.

This week’s fuel price rollback finally brought Saipan’s gas below the $6 mark after months of seeing prices gradually approach the $7 mark.

Motorists were more than happy to fill up their tanks following the rollback.

According to a 45-year-old man, he was planning to buy only $20 worth of gas for his vehicle but after seeing the price rollback, he said he decided to splurge and fill up his tank instead.

“I’ve learned that you just never know what to expect with these fuel prices. This might be the lowest we’ll see fuel prices drop. By next week, fuel might be back to $6 so I thought might as well fill up the tank now while prices are relatively low. It feels great to finally be able to fill up the tank,” he said.

Another motorist said she doesn’t want to keep her hopes up.

“We should be used to this by now. They tease us with a little reduction in fuel prices, just to raise it back up higher than before. All we can do now is take advantage of this opportunity to gas our cars at below $6,” she said.

Starting last July 5, the CNMI saw a series of price rollbacks, with fuel dropping from $6.56 per gallon of regular fuel from the beginning of the month, to now at $5.86.

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. The third rollback in July was seen last Thursday, with fuel prices dropping to $6.01.

However, prior to the consecutive reduction in fuel prices, the CNMI saw 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.

However, oil companies have been raising their prices by 15 cents since April. The steepest increase the CNMI has seen 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.