Wholesale prices for regular and premium gas show increase in V.I.
Published: June 23, 2014
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ST. CROIX - The wholesale price of gasoline in the territory went up today as HOVENSA adjusted its rack rates.
The change will raise the rack rate - the price of fuel purchased wholesale at the HOVENSA truck-loading station on St. Croix - for regular gasoline by 12 cents per gallon and for premium gasoline by 11 cents per gallon. The price of diesel fuel did not change.
Under today's adjustments, independent gas station operators in the territory now are paying $3.59 per gallon for regular gasoline, $3.80 per gallon for premium gasoline, and $3.45 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 been trending upward for the past week, with the average price of regular gasoline up by 3 cents per gallon on Thursday compared with a week earlier, and the average price of premium up by more than 2 cents for the same time period, according to the American Automobile Association's Daily Fuel Gauge report. Retail prices for diesel fuel stayed fairly steady over the week.
Nationwide on Thursday, the average retail price for regular gasoline was $3.679 per gallon, the average retail price for premium gas was $4.029 per gallon, and the average retail price for diesel fuel was $3.897 per gallon, according to AAA.