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Hovensa Rack Rate Dips Slightly

Hovensa is decreasing the price of regular gasoline by two cents, from $3.41 to $3.39 per gallon and decreasing the price of premium grade gasoline by seven cents from $3.68 to $3.61 per gallon for the week of Oct. 15-21.

The slight decline continues several weeks of slight fluctuations up and down with no clear trend. Last week Hovensa increased the price of regular gasoline by 10 cents, but reduced.the price of premium grade gasoline by six cents. The previous two weeks saw declining prices, during which the price of regular gasoline declined 15 cents, and premium grade by 12 cents per gallon.

Before that, residents saw 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.

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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.

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