From March 12 to 18, Hovensa increased the price retailers pay for regular grade gas by eight cents to $3.48 per gallon, setting a new high for 2012, and it reduced premium by one cent to $3.59, down from its 2012 high-water mark of $3.60.
The rack rate has increased a little every week since the new year began until last week when it held firm. Prices remain below 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 of 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.
