There is some good news for commuters and drivers coming from Governor Murphy’s administration.
State Treasurer Elizabeth Maher Muoio said on Wednesday that New Jersey’s fuel tax on gasoline and diesel will not increase, keeping it at 41.4 cents and 48.4 cents per gallon, respectively.
“We’re pleased that fuel consumption levels, coupled with our realistic projections last year, have allowed us to avoid an increase in the gas tax rate for this year,” said Muoio. “This dedicated revenue stream has enabled us to disburse billions in funding across the state to bolster our transportation infrastructure and keep New Jersey moving forward.”
The tax funds the $2-billion yearly budget of the Transportation Trust Fund. A 2016 state law requires a fuel-consumption review to make sure the trust fund is being replenished. If funds are falling short, the treasurer raises the gas tax.
Transportation Trust Funds cover costs for infrastructure projects, such as roads, throughout the state.
The gas tax was raised in 2016 in a deal struck between then-Gov. Chris Christie and Democrats to start replenishing the Transportation Trust Fund.