Effective Feb. 13-19, Hovensa increased the price retailers pay for regular grade gas by six cents to $3.19 per gallon, and premium by 4 cents to $3.40, setting a new high for 2012.
The rack rate has increased a little every week since the New Year began, but remains below Hovensa’s recent high of $3.38 for regular and $3.59 for premium during the week of Sept. 5, and the all-time high of $3.57 and $3.68, respectively, set the week of May 15, 2011.
Once the refinery closes in the upcoming few months, the territory will have to procure gasoline from other sources, likely at higher prices than those from Hovensa. 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 should not increase immediately at the pump as gas stations must first sell the gas they’ve already purchased at lower prices.