New Jersey’s gas tax is set to jump 2.6 cents effective January 1, 2025, Save Jerseyans, thanks to a law signed by Governor Phil Murpby back in March 2024.
New Jersey’s Transportation Trust Fund (TTF) program is required by law to supply approximately $11 billionin a five-year period for infrastructure projects. Accordingly, the Petroleum Products Gross Receipt Tax (PPGRT) rate needs to throw off enough cash to hit the statutory Highway Fuel Cap.
“Based on our review of the consumption data, combined with the requirement to meet the new statutory target, we have determined that the new formula dictates a 2.6 cent increase this coming January,” explained State Treasurer Elizabeth Muoio on Monday. “We are pleased that this dedicated funding stream continues to provide billions of dollars across the State to support our critical transportation infrastructure needs.”
New Jersey’s combined gas tax will now increase from 42.3 cents per gallon to 44.9 cents for regular gasoline and 49.3 cents to 51.9 cents for diesal. The state’s current average per gallon cost is $2.967.
Only five U.S. states now boast a worse gas tax burden.
