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Monday, September 26, 2022
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Prices Going Up Again at the Pump

After holding steady and dropping some in May, June and the beginning of July, Hovensa’s wholesale price for regular has shot up 31 cents and premium up 38 cents per gallon since July 11, according to data from Hovensa.

Monday, the refinery announced prices will go up this week 12 cents for regular and 19 cents for premium, to $3.19 and $3.43 per gallon, not including the local gasoline tax of seven cents per gallon. That comes on the heels of 19-cent increases to both grades on July 11, after a drop of nine and seven cents for premium and regular, respectively, July 4.

According to information from the U.S. Energy Department’s Energy Information Agency, the average refinery price for regular-grade gasoline sold for resale is projected to be $3.05 for the just-ended second quarter, dropping to $2.94 for the third quarter.

The rack rate to distributors is lower than the retail price at the pump, but the two vary in relation to each other. According to the EIA, the regular-grade gasoline monthly average retail price fell from $3.91 per gallon in May to $3.68 per gallon in June, partly due to recovering from unexpected refinery outages and Mississippi River flooding. EIA expects regular-grade gasoline prices will average $3.62 per gallon and $3.51 per gallon over the third and fourth quarters of 2011, respectively.

The V.I. Division of Licensing and Consumer Affairs performs a monthly survey of gas prices in the territory. The most recent one made available has data from surveys taken April 28 and 29, at which point, the lowest price for regular was $3.60 per gallon on St. Croix and $4.08 per gallon on St. Thomas.

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