Guam – Senator Frank Aguon Jr has written to the three local oil companies asking them to adjust the cost of gasoline.
The market adjustment Aguon is asking for is similar to the power bill downward adjustment pursuant to the Levelized Energy Adjustment Clause
In the letters Aguon writes “We have observed a downward trend in the cost of a barrel of oil on the Singapore Spot Market. In response the Public Utilities Commission has provided for a downward adjustment in our power bills pursuant to the Levelized Energy Adjustment Clause. This adjustment comes as an economic relief greatly appreciated by our people as they struggle to cope in their day-to-day cost of living challenges.”
Aguon acknowledges that there is a difference between the fuels used by the Guam Power Authority and Guam’s drivers but says there are corresponding price adjustments being realized in the Singapore market. In this connection Aguon asks the companies to consider reviewing the recent market trends in the cost of gasoline, and the possibility of making a decrease in prices that Aguon says would be beneficial to consumers.