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Gas prices down 10 cents

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THE prices of gasoline went down by 10 cents on Friday. This is the sixth time that fuel prices have been rolled back this year.

Mobil’s service station on Beach Road in Garapan displays its new fuel prices on Friday.

Photo by Emmanuel T. Erediano

 

Mobil Oil Marianas’ regular gas price is now $3.18 a gallon; supreme, $3.63 a gallon; and diesel, $3.76 a gallon. The price of Shell Marianas’ premium gas also went down to $3.18 a gallon.

Markets Insider reported on Friday that oil prices continued to fall, “charging toward a new 18-year low as gloomy demand outlooks persist even after a historic production cut.”

Oil prices declined 20% last week even after the Organization of the Petroleum Exporting Countries agreed to a historic production cut in an effort to stabilize the industry ravaged by the coronavirus pandemic, which has cratered global demand, Markets Insider stated. “Still, as the coronavirus pandemic continues to devastate economies around the world, it appears that those cuts won't be enough to prop up oil prices.”

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