The upward march of wholesale gas prices finally stalled this week as Hovensa announced it will decrease rack prices for premium grade gasoline by eight cents per gallon, from $3.86 to $3.78 per gallon, and regular by seven cents, from $3.46 to $3.39 per gallon.
The decrease comes on the heels of small increases -- two cents for premium and four cents for regular -- last week. Overall, the trend has been upward for 2-1/2 months.
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.
The all-time high for Hovensa's rack rate: $3.68 per gallon of regular and $3.97 for premium, was set the week of April 9-15.
Meanwhile, according to the Division of Licensing and Consumer Affairs, the current lowest price at the pump for regular on St. Croix is $3.29 per gallon and $3.89 per gallon for premium.
St. Thomas' lowest price currently is $4.59 for regular and, curiously, $4.59 for premium. On St. John the price is $4.80 for regular and $5.20 for premium.