Gas prices rolled back

Saipan’s two gas retailers broke the upward trend in fuel prices this month by implementing price rollbacks of up to 12 cents a gallon, citing lower product cost in the region.

Mobil gas stations implemented a 10-cent reduction in gallon prices effective yesterday, while Shell stations would implement price rollbacks of up to 12 cents beginning today.

Mobil’s gallon prices have been pegged at:

Full-serve rates

Unleaded $3.239

Super gasoline $3.399

Self-serve rates

Unleaded $3.069

Super gasoline $3.239

Mobil gas stations retail diesel at $3.309 and $3.259 a gallon at full- and self-serve rates, respectively.

Shell’s new gallon prices are:

Full-serve rates

Regular $3.179

Premium $3.339

Self-serve rates

Regular $3.049

Premium $3.219

Shell’s price for diesel slightly dropped by 4 cents to $3.309 per gallon at full-serve rate.

In a media statement, Mobil said the decrease in fuel prices resulted from the softening of product cost in Singapore.

“With the recent decrease in region product cost, we are pleased to pass on this savings to our valued customers,” said Mobil Oil Mariana Islands Inc. Kamal Singh. “While the market outlook remains very uncertain and volatile, we are committed to keeping the community informed of factors impacting fuel cost and we will do what we can to pass on savings to the consumers.”

Shell Marianas Inc. president Phil Stalker issued a similar press statement regarding its price rollback. “Since our last price increase our cost of supply has reduced and we will pass these savings to our customers.”

Before announcing this month’s price rollback, Shell had raised fuel prices by 12 times this year. It was unclear as to how many times Mobil hiked retail prices this year, since the company rarely issues media announcements about fuel price hikes; however, Mobil’s prices have been close to that of Shell.

Prior to today’s rollback, Shell had reduced its pump prices only twice this year—in January and May. It has been increasing pump prices almost every month, except for the rollback in May.

In July, Shell implemented upward gallon price adjustments twice—by up to 7 cents beginning July 7 and by 6 cents the following week.

In August, Shell raised pump prices thrice by up to 8 cents per gallon per adjustment, except last Aug. 30, when the gallon price adjustment only reached up to 6 cents. It had increased gas prices beginning Aug. 9 and on Aug.17. Last month, Shell twice hiked gallon prices by up to 6 cents.