Wholesale rates to local fuel retailers are on a downward trend, and consumers should expect some temporary relief at the gas pump throughout the territory in the next couple of days, according to the VI Department of Licensing and Consumer Affairs.
On Thursday, Gulf Oil at the Limetree Bay Terminal released its rack rate, which shows the wholesale price of fuel has dropped for a second consecutive week. For the first time in ten weeks, since May 2, the wholesale price of regular fuel dropped below $4.00 per gallon to $3.92.
The DLCA said, “The wholesale prices released by Gulf Oil are effective from July 11-17.”
In the St. Thomas-St. John District, retailers purchase fuel from Puerto Rico, where the wholesale prices have also decreased. Today, the average wholesale price for regular fuel in Puerto Rico is approximately $4.03 per gallon. Fuel tax and delivery costs are not included in the USVI price.
The Department of Licensing and Consumer Affairs (DLCA) is notifying fuel retailers to pass on their current savings to their customers as quickly as it requests price increases when the rack rate goes up.
“I know businesses expect to make a profit; however, I am calling on every fuel retailer in the territory to just do the right thing. Otherwise, DLCA shall invoke its power to determine fuel prices pursuant to Virgin Islands Code Title 12A Section155a,” stated Commissioner Evangelista.
“Perhaps the fuel retailers are unaware, but ignorance of the law is not a valid defense. Consumers of the United States Virgin Islands, DLCA shall diligently work to bring fair prices to our territory,” stated Commissioner Evangelista.
For the latest and past fuel survey results and rack rate prices, visit our website at www.dlca.vi.gov under news/surveys.
For consumer-related issues, you may email us at email@example.com or call us at 340.713.3522 on St. Croix, 340.714.3522 on St. Thomas, or St. John at 340.693.8036. Follow us on Facebook at @dlcausvi.