Home Money & Business Business New Jersey’s fuel tax will increase by nearly 3 cents starting January 1st.

New Jersey’s fuel tax will increase by nearly 3 cents starting January 1st.

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Filling your gas tank in New Jersey will see an increase of 2.6 cents per gallon starting January 1, as announced by the administration of Governor Phil Murphy.
The state’s gas tax will now rise by approximately 6%, reaching a new total of 44.9 cents per gallon.
This adjustment is a result of a mandated review under a recent law aimed at funding transportation infrastructure until 2029.
State Treasurer Elizabeth Maher Muoio explained that the tax on petroleum products is required to meet a legislative target of around $2 billion, necessitating this increase to ensure adequate revenue.
As a result of this hike, New Jersey will remain among the states with the highest gasoline tax rates nationwide, according to data from the nonprofit Tax Foundation.

The gas tax rate is subject to fluctuations based on the stipulations of the law. In contrast to previous transportation trust fund legislation, which evaluated the rate each summer, last year saw a slight increase of less than one cent.
In the years preceding that, the rate dropped by a penny and experienced a larger decrease of 8.3 cents in 2021.
Currently, the national average for a gallon of gasoline stands at $3.05, which is notably higher than New Jersey’s average price of $2.98 per gallon.