HOVENSA trims 14 cents from price of regular, premium gas
Published: May 12, 2014
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ST. CROIX - The wholesale price of gasoline dropped today as HOVENSA adjusted its rack rates.
The change will lower the rack rate - the price of fuel purchased wholesale at the HOVENSA truck-loading station on St. Croix - for regular and premium gasoline by 14 cents per gallon, and for diesel fuel by 5 cents per gallon.
Under today's adjustments, independent gas station operators in the territory now are paying $3.38 per gallon for regular gasoline, $3.63 per gallon for premium gasoline, and $3.40 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 dropped slightly over the past week.
Nationwide, the average retail price for regular gasoline on Thursday was $3.663 per gallon, down 2 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 $4.016 per gallon, down more than 1 cent from the previous week, according to AAA.
The average retail price of diesel fuel nationwide on Thursday was $3.949 per gallon, down more than a cent from a week earlier, according to AAA.