Two months after a 10-cent rollback, fuel prices in the Northern Mariana Islands saw increases over the weekend, with Mobil Oil Marianas and Shell Marianas raising their rates.
On Saipan, regular gasoline prices climbed to $5.26 per gallon from $5.16, premium gasoline rose to $5.71 per gallon from $5.61, and diesel prices went up to $5.38 per gallon from $5.33.
On Tinian, the price for regular gasoline at Tinian Fuel Services was $7.08 per gallon, while diesel was priced at $7.42 per gallon as of Sunday.
In Rota, Calvo Enterprises set regular gasoline prices at $6.54 per gallon, with diesel at a steep $9.97 per gallon.
For locals like Aizel Lumanlad, a car rental agent who also works part-time at a restaurant, the price hikes are a financial burden. “This will increase my expenses again,” she said, explaining that she spends about $140 a month on fuel. Lumanlad commutes daily from Garapan to Dandan, where she works at the Francisco C. Ada/Saipan International Airport. “The price hike is not good because the salary is not going up, only the cost of living,” she added.
Global Oil Market Factors
The increase in local fuel prices comes as global oil prices also rise. According to Reuters, oil prices saw a notable jump on Wednesday after the European Union imposed new sanctions on Russia, threatening to disrupt Russian oil exports and tightening global crude supplies.
Brent crude futures increased by $1.33, or 1.84%, settling at $73.52 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose by $1.70, or 2.48%, reaching $70.29 a barrel.
Additionally, reports indicated that oil demand from China was expected to rise as Beijing announced plans to boost its economic growth. Chinese crude imports grew for the first time in seven months in November, up more than 14% from the previous year, according to Reuters.
Related Topics:
- How Clean Is Natural Gas Compared to Coal?
- Can a Gas Leak Smell Like Sewage?
- Will Gas Heating Be Banned?