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Tuesday, June 18, 2024
HomeNewsArchivesNew All Time High For Hovensa Rack Rate

New All Time High For Hovensa Rack Rate

Effective April 2-8, Hovensa increased the price retailers pay for regular grade gas by 12 cents to $3.63 per gallon and premium by 23 cents to $3.88, setting all-time highs.

The previous high was $3.57 for regular and $3.68 for premium, set the week of May 15, 2011. Once the refinery stops providing fuel at end of June, the territory will have to procure gasoline from other sources, likely at higher prices than those from Hovensa.

Prices should not increase immediately at the pump as gas stations must first sell the gas they’ve already purchased at lower prices.

Hovensa’s wholesale rate does not include local gasoline taxes of 7 cents per gallon or retailer markup.
St. Croix retailers typically charge 40 to 50 cents above the wholesale rate, while retailers on St. Thomas typically charge roughly 50 cents more than St. Croix retailers.

After June, fuel on St. Croix will be procured in a similar fashion, from the same set of suppliers and shippers as St. Thomas, which suggests, all other factors being equal, that the St. Croix price may start to more closely match that on St. Thomas.

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