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.