Guam – Senator Frank Aguon Jr. has written to the three local oil companies on Guam asking them to adjust the cost of gasoline.
Aguon says they have observed a downward trend in the cost of a barrel of oil on the Singapore spot market. He says this drop in cost for oil has even resulted in the public utilities commission lowering power bills pursuant to the levelized energy adjustment clause. “Why is that that hasn’t impacted the gas stations and the cost of gas out there in the community? So what I’ve done is I’ve written to the general managers of our petroleum companies our private businesses asking them if by any chance because realistically the past few months the price of crude oil has gone down if they could consider transferring some of those cost savings by reducing the cost of gas for our consumers out there,” explained the senator.
Aguon acknowledges that there is a difference between the fuels used by the Guam Power Authority and the fuel sold in gas stations however there are corresponding price adjustments being realized in the Singapore market.