MOBIL DROPS GAS PRICES ON GUAM

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HAGATNA, Guam (Pacific Daily News, April 1) - Mobil Oil Guam announced yesterday that pump prices for all petroleum products at its directly operated stations will drop by 5 cents per gallon starting today.

Prices at Mobil Mart and On the Run Convenience stores also will be reduced to reflect the change in the Gross Receipts Tax.

The tax will roll back from 6 percent to 4 percent today, making it less expensive to do business on Guam.

Lawmakers increased the tax a year ago in order to provide more revenue for the cash-strapped government, but they voted to roll it back earlier this year, citing improved economic conditions and better revenue projections for the local government this fiscal year. The rollback comes more than a year ahead of schedule.

April 1, 2004

Pacific Daily News: www.guampdn.com

 

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