Effective March 26-April 1, Hovensa increased the price retailers pay for regular grade gas by three cents to $3.51 per gallon, setting yet another new high for 2012, and it increased premium by six cents to $3.65, also a high for 2012.
This week’s increase resumes the steady upward trend that held true nearly every week since the new year began, until two weeks ago, when Hovensa held prices unchanged for a week. Regular grade then increased while premium fell the following week, and there was no change for this past week. Prices remain below the all-time high of $3.57 and $3.68, respectively, set the week of May 15, 2011, but are inching close to that mark. Once the refinery closes in the next 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.
