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Shell hikes gas prices for 6th time
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Posted on Aug 05 2004
Shell gas stations on Saipan raised gallon prices of gasoline by four cents beginning midnight yesterday—the company’s sixth round of price hike since January this year. This resulted in a cumulative price adjustment of 29 cents a gallon.
Shell’s decision followed that of Mobil, which reportedly hiked gas prices at the same rate. The new batch of price increases was Mobil’s seventh this year.
Phil Stalker, Shell Marianas Inc.’s vice president for Finance, said market forces prompted the company to raise anew the retail prices of gasoline.
“The wholesale prices of oil and refined product have increased significantly over the last 90 days. Market forces in Asia have forced a significant increase in the cost of refined product,” Stalker said.
The 4-cent hike applies to self-serve rates for premium, regular and diesel gasoline, Shell said in a media release.
“As we have stated before, when market conditions improve and prices at the wholesale level ease, we will lower prices at the pump for our customers,” Stalker said. No price rollback has taken place so far this year.
Shell stations now peg regular and premium gasoline’s gallon prices at $2.469 and $2.569, respectively, at self-serve rate. Shell also raised the gallon price of diesel to $2.569.
The new round of price increases by Shell is its sixth for the year. It first raised gallon prices by 7 cents in January, before increasing them again by 5 cents three times, and then 3 cents two months ago, before the new 4-cent hike. Shell’s cumulative gallon price adjustment for the year has now reached at least 29 cents.
Mobil, meanwhile, has raised pump prices seven times since January this year, increasing gallon prices first by 3 cents, and then 4 cents, before taking on four rounds of 5-cent adjustments and the new 4-cent hike. The price increases resulted in a cumulative gallon price adjustment of 31 cents this year.
