HOVENSA hikes price of regular, premium gas
Published: July 28, 2014
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ST. CROIX - The wholesale price of gasoline in the territory increased 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 regular gasoline by 11 cents per gallon and for premium gasoline by 10 cents per gallon. The price of diesel fuel did not change.
Under today's adjustments, independent gas station operators in the territory now are paying $3.50 per gallon for regular gasoline, $3.70 per gallon for premium gasoline, and $3.42 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 have slipped downward over the past week, according to the American Automobile Association's Daily Fuel Gauge report.
Nationwide on Thursday, the average retail price for regular gasoline was $3.543 per gallon, down about 4.5 cents from the price a week earlier, according to AAA. The average retail price for premium gas was $3.91 per gallon, down almost 4 cents from the price a week earlier, according to AAA. The average retail price for diesel fuel was $3.853 per gallon, which is down 1.7 cents from a week earlier, according to AAA.