Hovensa is increasing the price of regular gasoline by 10 cents, from $3.31 to $3.41 per gallon for the week of Oct. 8. But it is reducing the price of premium grade gasoline by six cents, from $3.74 per gallon to $3.68 per gallon.
The mixed price changes come after two weeks of declining prices, during which the price of regular gasoline declined 15 cents, and premium grade by 12 cents per gallon. Before that, residents saw two two and a half months of upward movement in prices.
Prices do not include the territory's fuel tax, which was recently doubled to 14 cents per gallon, with a portion set aside for new generating equipment for the V.I. Water and Power Authority. Fuel excise taxes were eliminated at the same time, for a net reduction in the cost of fuel arriving in the territory.
The all-time high for Hovensa's rack rate: $3.68 per gallon of regular and $3.97 for premium, was set the week of April 9-15.
Meanwhile, according to the Department of Licensing and Consumer Affairs, as of Oct. 4, the lowest price for self-serve regular gasoline on St. Croix was $4.20 per gallon for regular and $4.49 for premium. On St. Thomas, the lowest prices were $4.82 per gallon for regular and $5.14 for premium gasoline. The St. John gas station has regular at $4.73 per gallon and premium at $5.20.