HOVENSA lowers wholesale prices of gasoline
Published: January 20, 2014
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ST. CROIX - Wholesale gasoline prices in the territory continued to edge downward today as HOVENSA adjusted its rack rates.
The changes lowered the rack rate - the price of fuel purchased wholesale at the HOVENSA truck-loading station on St. Croix - for regular and premium gasoline by 4 cents per gallon and for diesel fuel by 2 cents per gallon.
Under today's adjustments, independent gas station operators in the territory now are paying $3.08 per gallon for regular gasoline, $3.55 per gallon for premium gasoline, and $3.38 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 also slipped down slightly over the past week.
Nationwide, the average retail price for regular gasoline on Thursday was $3.296, down 1.6 cents 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 Thursday was $3.647 per gallon, down a little more than a cent from a week earlier. The average retail price of diesel fuel nationwide on Thursday was $3.86 per gallon, also down than a little more than a cent from the previous week, according to AAA.