On Friday, MOBIL Oil Marianas and Shell Marianas announced a 10-cent decrease in their fuel prices. This marks the second time in a month that fuel prices have been lowered.
The new prices are as follows:
Regular gas: $5.269 per gallon
Premium gas: $5.719 per gallon
Diesel: $5.439 per gallon
Following this, Tinian Fuel Services and Calvo Enterprises on Rota also cut their fuel prices on Saturday. This adjustment came after new fuel supplies arrived on Friday, as reported by gas station attendants on both islands.
On Tinian, the revised prices are:
Regular gas: $7.48 per gallon
Diesel: $7.85 per gallon
On Rota, the new prices are:
Regular gas: $6.64 per gallon
Diesel: $9.97 per gallon
Luz Corpuz, a fish vendor, commented on the impact of fuel prices. She noted that fluctuations in fuel costs directly affect fishermen’s livelihoods and the prices of their catches. “When fuel prices rise, we can’t increase our prices because that drives customers away,” Corpuz said. She expressed relief at the recent price rollback, which she believes is beneficial for vendors.
OILPRICE.com reports that crude oil prices hit year-to-date lows on Wednesday, with Brent crude at $72.63 and West Texas Intermediate at $69.19. This decline is attributed to weak demand in China and other markets.
OPEC+ has postponed plans to ease production cuts, facing challenges from lost market share and falling prices. Analysts are noting trends and the potential for a short-covering rally in oil prices, while the return of Libyan oil adds further downward pressure.