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New Jersey's gas tax drops 8.3 cents a gallon

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NEW JERSEY - The New Jersey gas tax rate went down 8.3 cents per gallon beginning Friday, Oct 1. That's a drop of about 16%.It is the first time the tax is going down during Gov.

Phil Murphy's administration. The state tax will drop from 50.7 cents a gallon to 42.4.Officials announced the drop in August after a review of fuel consumption statistics and consultation with the Legislative Budget and Finance Officer."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.

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