HOVENSA adds penny to wholesale price of fuel
Published: August 18, 2014
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ST. CROIX - The wholesale price of gasoline in the territory inched upward today as HOVENSA adjusted its rack rates.
The change will raise the rack rates - the price of fuel purchased wholesale at the HOVENSA truck-loading station on St. Croix - for gasoline and diesel fuel by 1 cent per gallon.
Under today's adjustments, independent gas station operators in the territory now are paying $3.53 per gallon for regular gasoline, $3.73 per gallon for premium gasoline, and $3.45 per gallon for diesel fuel when they buy their fuel wholesale at HOVENSA. Those prices include the 14-cents-per-gallon tax that HOVENSA collects for the government.
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.
The new rates are effective through Sunday.
On the retail side, average retail prices for gasoline in the United States stayed steady over the past week, dropping by less than a cent from the price a week earlier, according to the American Automobile Association's Daily Fuel Gauge report.
Nationwide on Thursday, the average retail price for regular gasoline was $3.468 per gallon and for premium gas was $3.839 per gallon, according to AAA. The average retail price for diesel fuel was $3.823 per gallon, AAA said.