HOVENSA adds 16¢ to price of a gallon of regular gas
Published: August 13, 2012
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ST. CROIX - The wholesale price of regular gasoline in the territory is climbing by 16 cents per gallon as HOVENSA makes its weekly rack rate adjustments today.
Today's change to the rack rate - the price of fuel purchased wholesale, directly from HOVENSA's truck-loading station - only affected regular gasoline prices. The rack rate for premium gas and diesel fuel did not change.
Under today's adjustments, independent gas station operators in the territory now are paying $3.40 per gallon for regular gasoline, $3.68 per gallon for premium gasoline and $3.68 per gallon for diesel fuel when they buy their fuel wholesale at HOVENSA. Those prices include the 14-cents-per-gallon tax that the refinery collects for the government.
Although HOVENSA ceased refining operations in February, it is continuing to provide wholesale gasoline at its truck loading station on St. Croix for retailers in the territory until Dec. 31.
The rack rates influence retail gasoline prices in the territory because independent gas station operators can buy their gasoline at the loading station, then resell it to their customers.
HOVENSA sets its rack rates based on the previous week's market conditions. The new rates are effective through Sunday.
On the retail side, the average retail price for regular gasoline in the U.S. on Thursday was $3.673 per gallon, according to the American Automobile Association's Daily Fuel Gauge Report.
For premium gasoline, the average U.S. retail price on Thursday was $3.951 per gallon, and for diesel fuel, the average retail price in the U.S. on Thursday was $3.878 per gallon, according to AAA.
In the territory, the Department of Licensing and Consumer Affairs also conducted its retail gasoline price survey on Thursday.
Raw data from the DLCA survey shows that average retail prices on St. Croix were $3.677 per gallon for self-serve regular gasoline, $4.206 per gallon for self-serve premium and $4.295 per gallon for diesel fuel.
On St. Thomas on Thursday, the average retail price for regular gasoline was $4.621 per gallon, the average price for premium gasoline was $4.753 and the average price of diesel fuel was $4.889 per gallon, according to the DLCA survey.
On St. John, the retail price for regular was $4.439 per gallon. For premium gasoline, the price was $4.839, and for diesel fuel, the price was $4.869 per gallon, according to DLCA.