HOVENSA increases wholesale price of gasoline, diesel
Published: October 21, 2013
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Wholesale fuel prices in the territory jumped after HOVENSA adjusted its rack rates today.
The change to the rack rate - the price of fuel purchased wholesale at the HOVENSA truck-loading station on St. Croix - increased the cost of regular gasoline by 16 cents and premium gasoline by 21 cents.
Diesel fuel increased by 2 cents per gallon. Under today's adjustment, independent gas station operators in the territory now are paying $3.09 per gallon for regular gasoline, $3.39 per gallon for premium gasoline, and $3.49 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.
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 continued to go down during the last week.
Nationwide, the average retail price for regular gasoline on Friday was $3.360 per gallon, up about 15 cents lower than from a week earlier, according to the American Automobile Association's Daily Fuel Gauge Report. The average retail price for premium gas in the United States on Friday was $3.711 per gallon, up 10 cents from a week earlier, according to AAA. The average retail price of diesel fuel nationwide on Friday was $3.877 per gallon, the same as a week earlier.