N.J. Gasoline Tax to Drop 1 Cent on Better-Than-Forecast Demand
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New Jersey is cutting an automotive fuel tax by 1 cent per gallon after consumer demand was higher than projected, state Treasurer Elizabeth Muoio announced.
The petroleum products gross receipt charge will drop to 30.9 cents for gasoline and 34.9 cents for diesel on Oct. 1. With the state’s separate motor fuels tax added, the combined per-gallon state fees will be 41.4 cents and 48.4 cents, respectively.
New Jersey’s statute directs the petroleum tax to the state Transportation Trust Fund, which oversees an eight-year, $16 billion program to pay for highway and rail projects. The tax is adjusted yearly according to a revenue target.
“Because actual consumption in Fiscal Year 2022 was moderately above our projections made last August, and consumption in the current fiscal year is projected to be slightly above last fiscal year’s levels, our analysis of the formula dictates a 1-cent decrease this coming October,” Muoio said in a statement.
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