GAS PRICES CONTINUE CLIMB ON SAIPAN

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Shell announces new hike, to 4.21 per gallon

SAIPAN, CNMI (Saipan Tribune, April 10, 2008) - Gas prices on Saipan are fast closing in on the US$5 a gallon mark, after Shell Marianas Inc. announced another round of price increases yesterday.

Shell said that record high fuel prices prompted it to increase the pump prices of its gasoline products by six cents a gallon, effective today. Diesel prices will also go up at a much steeper 10 cents a gallon.

As such, regular self-service gasoline will now cost US$4.209 a gallon, while regular full-service gasoline will now cost US$4.339 a gallon. Premium self-serve gasoline will now cost US$4.399, while premium full-serve gasoline will now cost US$4.519.

Diesel goes up to US$4.639 a gallon, making it the most expensive of all fuel products.

The price increases will be posted as of opening of business this morning.

Mobil Oil Marianas has yet to announce a similar move. Calls made to some Mobil stations yesterday showed that they have yet to adjust their prices.

In a statement issued yesterday evening, Shell Marianas president Eloy Lizama said that cost of finished products in Singapore, where Shell purchases its supply, has again set new historical marks.

"The continuing increase in Shell's finished product cost forces us to move our prices," he said.

The last time Shell raised its prices was on March 18, when it raised its gas prices by 10 cents a gallon. Mobil, on the other hand, last raised its prices on March 16. It does not usually issue a press statement about prices increases.

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