HOVENSA trims wholesale gas prices
Published: July 7, 2014
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ST. CROIX - The wholesale price of gasoline in the territory decreased 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 6 cents per gallon and for diesel fuel by 8 cents per gallon.
Under today's adjustments, independent gas station operators in the territory now are paying $3.57 per gallon for regular gasoline, $3.78 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 inched down over the past week, although diesel fuel prices have stayed fairly steady, according to the American Automobile Association's Daily Fuel Gauge report.
Nationwide on Wednesday, the average retail price for regular gasoline was $3.667 per gallon, down less than 2 cents from the price a week earlier, according to AAA. The average retail price for premium gas was $4.021 per gallon, down just more than a penny from the price a week earlier, according to AAA. The average retail price for diesel fuel was $3.902 per gallon, which is down less than a cent from a week earlier, according to AAA.