HOVENSA drops regular, premium gas 5 cents
Published: October 29, 2012
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ST. CROIX - The wholesale price of gasoline dropped slightly as HOVENSA made 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 - lowered the price of regular and premium gasoline by 5 cents per gallon. The rack rate for diesel fuel did not change.
Under today's adjustments, independent gas station operators in the territory now are paying $3.48 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. The new rates are effective through Sunday.
On the retail side, the Department of Licensing and Consumer Affairs did not release a gas price survey for the territory on Friday.
However, in the United States, average retail gas prices were decreasing.
The average retail price in the United States for regular gasoline nationwide on Thursday was $3.575 per gallon, down by 14 cents from a week earlier, according to the American Automobile Association's Daily Fuel Gauge Report.
The U.S. average retail price for premium gasoline was $3.908 per gallon on Thursday, down by 13.5 cents from a week earlier, while the average retail price of diesel fuel in the United States was $4.083 per gallon, down by more than 4 cents from the average price a week ago.