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The New Jersey Department of the Treasury is set to increase the price of gasoline in the Garden State.
Starting on Jan. 1, the price of gasoline will increase by about 4 cents per gallon. This brings the state’s gas tax to 49.1 cents per gallon.
The department announced the increase in the state's gas tax rate earlier this week. The tax revenue goes into the state’s Transportation Trust Fund. They say it's necessary to pay for the improvement and maintenance of roads and bridges in the state.
The program is required to provide about $11 billion over the next five years to support infrastructure projects. The treasury says that to meet the latest target, the gas tax must increase.
The state also points out that consumption of gasoline has trended below previous levels in New Jersey. With fewer people filling up their tanks as often, the increase will also help make up for the lost revenue.