TRENTON, N.J. - The New Jersey gas tax rate will decrease by 8.3 cents per gallon beginning Oct 1.
Officials made the announcement Tuesday after a thorough review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer.
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"Because actual consumption in Fiscal Year 2021 was so closely in line with our projections made last August, coupled with the fact that consumption in the current fiscal year is projected to be above last fiscal year’s levels, our analysis of the formula dictates an 8.3 cent decrease this coming October," said State Treasurer Elizabeth Maher Muoio. "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 gas tax is actually two separate taxes on gasoline and diesel fuel.