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Mobil gas prices up 20 cents, diesel 15 cents News

MOBIL Oil Marianas on Wednesday increased its gasoline prices by 20 cents and diesel prices by 15 cents.

Shell Marianas is expected to follow suit.

The regular gas price went up to $5.31 a gallon from $5.11 a gallon; the premium gas price to $5.76 a gallon from $5.56 a gallon; and diesel to $6.18 a gallon from $6.03 a gallon.

Tinian Fuel Services had not implemented the price hike as of Wednesday. Following last week’s price increase, its regular gas price had gone up to $6.89 a gallon and diesel price to $7.20 a gallon.

On Rota, Calvo Enterprises had yet to implement Wednesday’s hike. The respective prices of its regular gas and diesel have remained $6.59 a gallon and $9.82 a gallon since last week.

Larry Achas, a restaurant warehouse staffer, said Wednesday’s gasoline price hike “really hurts my wallet.” He expects the prices of basic commodities and utilities to rise as well.

On Wednesday, Reuters reported that crude oil prices “inched higher…as optimism for a demand recovery in China and expectations that major producers will maintain current output policy to offset global recession worries.”

“Expectations that China’s fuel demand will recover in the second half of the year are growing and are likely to support market sentiment,” Hiroyuki Kikukawa, general manager of research at Nissan Securities, told Reuters.

“Analysts from the Bank of America Securities said the reopening of the Chinese economy after years of tough Covid restrictions could unleash a large wave of pent-up demand over the next 18 months,” Reuters said.