HOVENSA raises regular gasoline 17 cents per gallon
Published: September 3, 2012
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ST. CROIX - The wholesale price of regular gasoline in the territory rose sharply this week 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 - raised the price of regular gasoline by 17 cents per gallon and raised the price of premium gasoline by 10 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 $3.65 per gallon for regular gasoline, $3.94 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.
HOVENSA sets its rack rates based on the previous week's market conditions. The new rates are effective through Sunday.
Average retail prices for gasoline in the United States continue to rise.
The average retail price for regular gasoline in the United States on Thursday was $3.829 per gallon, according to the American Automobile Association's Daily Fuel Gauge Report.
For premium gasoline, the average U.S. retail price on Thursday was $4.112 per gallon, and for diesel fuel, the average retail price in the United States on Thursday was $4.09 per gallon, according to AAA.
The V.I. Department of Licensing and Consumer Affairs also conducted its retail gasoline price survey on Thursday.
On St. Croix, average retail gas prices were $3.989 per gallon for regular gas, $4.27 per gallon for premium gasoline and $4.256 for diesel fuel, according to DLCA.
On St. Thomas, average retail gasoline prices were $4.587 per gallon for regular gasoline, $4.867 for premium, and $4.889 for diesel fuel on Thursday, according to DLCA.
On St. John, retail gas prices on Thursday were $4.659 per gallon for regular gasoline and $4.939 for premium gasoline and diesel fuel, according to the DLCA survey.