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Shell hikes prices by 11 cents
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Posted on May 04 2006
Shell Marianas increased its pump prices by 11 cents effective midnight last night, making it the highest single-day increase implemented by the company since oil prices started going up last year.
Ruben Domingo, president of Shell Marianas, attributed this increase at the pump to the record level of oil prices worldwide.
“Oil products in the region continue to trade at record levels and we need to adjust our prices again to maintain alignment with our supply cost,” he said.
Domingo said that, while the company continues to seek opportunities to improve efficiencies in its supply and operation, “these efforts have been swamped by the jitters in the world market.”
“Locally, most of us are aware from the international media that tensions in the Middle East and Africa have driven supply costs skyward,” he added.
Oil prices remain about 46 percent higher than a year ago, and analysts do not expect them to fall sharply anytime soon. The Associated Press reported that light sweet crude for June was trading at $72.28 a barrel yesterday on the New York Mercantile Exchange. A peak of $75.35 was reached on April 21.
Domingo indicated that the price increases would be posted effective 1am today. The price at Shell stations for all fuel grades— premium, regular and diesel fuel—will move upward by eleven cents a gallon.
With the price increase, Shell service stations on island are now selling premium gasoline at $3.469 a gallon, regular gas at $3.299 a gallon, and diesel at $3.459 per gallon. Customers who gas up at the self-serve aisle get this posted prices.
Those who line up for the full-serve get charged a bit more between 11 to 13 cents depending on the fuel grade, Shell said.
Shell last raised its prices by 8 cents on April 20.
A week before that, the company increased its prices by 6 cents.
