What to Know
- Drivers in New Jersey may be a little bit more strapped for cash starting Monday because the state is raising its gasoline prices.
- The Garden State's gas tax is going up 4.3 cents to 41.4 cents per gallon. The revenue from the hike will fund the transportation fund.
- The tax is still lower than neighboring New York and Pennsylvania.
Drivers in New Jersey are now paying more for gasoline.
The gas tax rose Monday by 4.3 cents to 41.4 cents per gallon, an increase of more than 10 percent.
The hike stems from a 2016 law to fund projects for bridges, roads and tunnels. It calls for a steady revenue stream to support the $2 billion a year fund for road and bridge work.
It's the second time the gas tax has gone up since 2016, when it stood at 14.5 cents per gallon. Before that the rate hadn't escalated in three decades.
The boost means New Jersey has the fifth-highest gas tax in the country, up from No. 8, according to 2017 data from the conservative Tax Foundation. But it's still lower than neighboring New York and Pennsylvania.