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NJ Gas Prices Expected To Surge In April: Report
The cost of a gallon of gas in the Garden State is expected to jump by double digits later this month, one expert predicts.
NEW JERSEY — Enjoy the current price of gas while it lasts, New Jersey. It's expected to change later this month when the cost of a gallon increases by nearly 40 cents, according to a report.
On Tuesday, the average price for a gallon of gas in the Garden State was $3.26, significantly lower than the national average of $3.53, according to AAA.
That could shift in just a few weeks, Patrick De Haan, head of petroleum analysis for GasBuddy, told New Jersey 101.5.
Find out what's happening in Across New Jerseyfor free with the latest updates from Patch.
"The worst is yet to come for New Jersey," De Haan told the radio station.
According to De Haan, the reason for the difference between New Jersey and national gas prices is that Northeast states have yet to switch to a more expensive summer blend of gasoline designed to be less susceptible to evaporation in the warmer months.
Find out what's happening in Across New Jerseyfor free with the latest updates from Patch.
"But we are going to make that final switch in New Jersey in about two weeks," De Haan told New Jersey 101.5. "And with it, there likely will be a jump in gas prices ... and that could be a jolt of anywhere between 20 and 40 cents a gallon."
According to AAA, gas prices surged nationwide during the third week of March. While gas demand has been lackluster, AAA said rising oil prices contributed to pushing pump prices higher.
"Gas prices are a lot like seasonal temperatures. They start to rise with the arrival of spring," said Andrew Gross, AAA spokesperson. "And the national average for gas is now higher than a year ago, which we have not seen since late December."
In March, Gov. Phil Murphy signed into law legislation that will increase New Jersey's gas tax rate by 1.9 cents per gallon each year for the next five years.
The law reauthorizes the state's eight-year Transportation Trust Fund, which funds road projects and NJ Transit's capital needs. Imposing the new tax is expected to increase revenue for the state to $2.115 billion in fiscal year 2026, $2.119 billion in FY 2027, $2.366 billion in FY 2028 and $2.366 billion in FY 2029.
The hike goes into effect on July 1 with the first increase expected in 2025.
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