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Tuesday, September 27, 2022
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Hovensa Rack Rate Stays the Same

Hovensa’s price to fuel retailers, called the rack rate, will stay the same until Jan. 6, the refinery announced Thursday. This means pump prices should remain the same at gas stations supplied by Hovensa. However, some stations get fuel from Puerto Rico.

A Dec. 20 survey by the Licensing and Consumer Affairs Department released Monday indicates the lowest prices found on St. Croix for full-service gasoline were $4.89 for premium and $4.59 for regular. The lowest prices for self-service gasoline were $4.29 for premium and $3.89 for regular. The lowest price for diesel fuel was $4.09 per gallon.

The lowest prices found on St. Thomas for full-service gasoline were $4.48 for premium and $4.59 for regular. The lowest prices for self-service fuel were $4.88 for premium and $4.58 for regular. The lowest price for diesel fuel was $4.40 per gallon.

At St. John’s only gas station, the lowest price was $4.94 a gallon for premium, $4.64 a gallon for regular and $4.89 a gallon for diesel.

The base rack rate price is $3.04 per gallon for regular, $3.36 per gallon for premium and $3.54 per gallon for diesel. The 14-cents per gallon tax brings it to $3.18 per gallon for regular, $3.50 per gallon for premium and $3.58 per gallon for diesel.

Licensing indicated Monday there was no change in the Hovensa rack rate through Sunday over the previous week. The week before the rack rate went down 25 cents per gallon for regular and 23 cents a gallon for premium.

“DLCA will continue to publicly implore retailers who purchase fuel from Hovensa to pass on the wholesale savings that they experience to consumers at the gas pumps,” Licensing Commissioner Wayne Biggs said in the Monday press release.

Hovensa indicated in mid-December that it will continue to make fuel available to the community through its truck-loading rack at least through February, while negotiations with the local government continue on the future of the oil refinery facility on St. Croix.

The government and Hovensa have agreed to continue the current, interim agreement in which the closed refinery provides fuel for sale at its rack until not later than Feb. 28. At that time any further extension or successor agreement will be concluded and presented to the 30th Legislature for its review and approval, Government House indicated.

The agreement that has now been extended expressly confirms Hovensa’s commitment to supply fuel to the island of St. Croix during the extension period through its distribution rack, allaying local concerns of a possible fuel shortage after the new year. The extended agreement permits Hovensa to continue to operate an oil storage facility at the refinery site as was permitted in the interim agreement concluded last March.

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