The wholesale price of premium grade gas from Hovensa's rack rate increased for the week of Sept. 1, with regular rising 17 cents per gallon to $3.51 per gallon and premium increasing 10 cents per gallon to $3.80 per gallon, marking two months of steady increases.
Prices do not include the territory's fuel tax, which was recently doubled to 14 cents per gallon, with a portion set aside for new generating equipment for the V.I. Water and Power Authority. Fuel excise taxes were eliminated at the same time, for a net reduction in the cost of fuel arriving in the territory.
Hovensa's rack rate remains below the all-time high price of $3.68 per gallon of regular and $3.97 for premium, set the week of April 9-15, even with the increased tax.
Meanwhile, according to the Division of Licensing and Consumer Affairs, the current lowest price at the pump for regular on St. Croix is $3.95 per gallon and $4.14 per gallon for premium.
St. Thomas' lowest price currently is $4.45 for regular and $4.75 for premium. On St. John the price is $4.65 for regular and $4.75 for premium.