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Charlotte Amalie
Monday, November 28, 2022
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Gas Prices Still on Upswing

The upward march of wholesale gas prices continued this week with Hovensa announcing it will increase rack prices for premium grade gasoline by two cents per gallon, from $3.84 to $3.86 per gallon, and regular by four cents, from $3.42 to $3.46 per gallon.

The small increases come after a nine cents per gallon reduction in the price of regular and a four cent increase in the price of premium 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.

Although high and rising, 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.

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