Hovensa lowered its wholesale price for regular unleaded this week by 7 cents per gallon to $2.92, marking three consecutive weeks of decline.
This latest drop is on top of a whopping 20-cent-per-gallon drop in the price of regular unleaded last week and 12 cents the week before. Premium unleaded did not decline this week, but declined 30 cents per gallon last week and 11 cents the week before.
Hovensa’s wholesale rate does not include local gasoline taxes of 7 cents per gallon or retailer markup.
St. Croix retailers typically charge 40 to 50 cents above the wholesale rate, while retailers on St. Thomas typically charge roughly 50 cents more than St. Croix retailers.
Prices will not drop immediately at the pump as gas stations must first sell the gas they’ve already purchased at higher prices.
