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CNMI gas prices up another 10 cents
Just two weeks after the last price increase, Mobil Oil Marianas has hiked its prices again by another 10 cents. (Kimberly B. Esmores)
The CNMI continues to see a steady increase in fuel prices with local oil companies raising prices by another 10 cents.
At around 3pm yesterday, Mobil Oil Marianas took the lead by increasing its fuel prices by 10 cents across the board.
Mobil’s Extra fuel went up from $ 5.46 a gallon to $5.56. Mobil also hiked its Supreme fuel from $5.91 to $6.01 a gallon. The local oil company also increase its diesel prices to $5.93 per gallon.
Shell Marianas has yet to increase its prices as of 6pm yesterday, but both oil companies usually mirror each other’s price changes, so Shell is expected to impose the same increase today.
Multiple motorists share their fears as the CNMI inches closer to the $6 mark in fuel prices.
According one motorist, she fears that prices won’t get better anytime soon.
“With the international conflict in Ukraine escalating, I fear we’re far from seeing relief in terms of oil prices. What I’m most worried about is how this steady increase is going to affect our electricity,” she said.
Another motorist echoed the woman’s sentiment stating that fuel increases don’t just affect transportation, but our way of life.
“I’ve already had to minimize my energy consumption because of the increase in the [Fuel Adjustment Charge] due to the continuous increase in gas prices and I’m sure I’m not the only one. This doesn’t just impact our daily transportation. This means inflation in the cost of power. With our economy not even back at 100% due to COVID, how will many of the local residents afford power if this trend continues?” he said.
In related news, the Commonwealth Utilities Corp. announced on Monday that it will be increasing its Fuel Adjustment Charge, effective yesterday, March 1, to $0.27122 per kilowatt-hour.
The FAC is one of two components that make up the CUC electric kWh rate, which is used to purchase fuel. The second component is the CUC base rate, which is used to fund operations, projects, and debt service. This base rate has not been increased since April 17, 2014.
