For the second week in a row, Hovensa is reducing the rack price of gasoline, providing some relief for drivers if retailers follow suit. Effective Oct. 1-Oct. 7, Hovensa is reducing the price of regular gasoline by eight cents per gallon, from $3.39 to $3.31. It is reducing the price of premium gasoline by four cents per gallon, from $3.78 to $3.74.
Last week, the shuttered refinery decreased the price of regular by seven cents per gallon, and the price of premium gasoline by eight cents per gallon.
These recent reductions come after 2-1/2 months of upward movement in prices.
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.