Previous Story
Shell hikes gas prices by 6 cents
|
Posted on Jan 24 2006
Motorists who gas up at Shell stations will have to pay little bit more beginning today, after Shell Marianas Inc. decided to raise its prices by 6 cents a gallon—its first this year.
Shell said the increase in worldwide prices of oil prompted its decision to adjust retail prices on Saipan.
“It is unfortunate during these difficult times to have to announce a price increase. However, recent increases in the worldwide price of oil have forced the cost of refined product to increase,” said Shell Marianas president Ruben Mario A. Domingo in a media announcement.
Shell stations now retail regular gasoline at $2.989 per gallon at self-serve rate—the only rate below $3 per gallon. At full-serve rate, the product costs $3.119 per gallon. Premium gasoline retails at $3.279 and $3.159 per gallon at full- and self-serve rates. Shell’s diesel retails at $3.209 per gallon.
“Should the price of refined product decline, Shell will reconsider its position and lower the price of fuel accordingly. We look forward to better times ahead and the reduction of the price of oil so that prices at the pump can be reduced for our consumers,” assured Domingo.
During the last quarter of 2005, Shell implemented three price rollbacks. However, Shell increased pump rates by at least 12 times in 2005 for a cumulative gallon price adjustment of up to 67 cents.
The price hikes last year—and the rollbacks—resulted in a net gallon price increase of 43 cents for premium gas, 37 cents for regular gas, and 40 cents for diesel.
