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Gas prices up another 15 cents
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Posted on Feb 02 2022
The CNMI saw yet another increase in fuel prices yesterday, with Mobil Oil Marianas gas stations taking the lead with a 15-cent increase. (Kimberly B. Esmores)
The CNMI saw yet another increase in fuel prices yesterday, with Mobil Oil Marianas gas stations taking the lead with a 15-cent increase.
At around 4pm yesterday afternoon, Mobil’s Extra fuel went up from $ 5.11 a gallon to $5.26. Mobil also hiked its Supreme fuel from $5.56 to $5.71 a gallon while its diesel increased from $5.38 a gallon to $5.58.
Shell Marianas has yet to increase its prices as of 6pm press time but both oil companies typically mirror each other’s price changes, so Shell is expected to impose the same increase today.
According to a local motorist who requested anonymity, the fuel prices are becoming shockingly high so early into the year and he fears the impact it will have on the cost of electricity.
“Yes, the increase in fuel prices is ridiculous, but I’m not as worried about how much more I’ll be paying for a full tank of gas as I am concerned about how much the cost of electricity will go up. I already pay a couple hundred dollars on power. If this trend in gas prices continues, I’m going to have to start cutting back on my electricity consumption,” he said.
Effective yesterday, the cost of electric power went up slightly due to an increase in the average fuel oil prices worldwide that has impacted the fuel adjustment charge of the Commonwealth Utilities Corp.
In a news release last Friday, it said there has been an increase in the average international fuel oil prices which in turn affects the FAC. As a result, the FAC rate of $0.20909 per kilowatt-hour went up to $0.23908 per kWh.
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.
