The state of Indiana is slated to have the highest December gasoline usage tax on record.
The Indiana Department of Revenue just released the December gasoline use tax calculation. It reveals that the rate will be 23.3 cents, up from 23.1 cents in November.
The gasoline usage tax is calculated by multiplying the previous month’s average retail price per gallon of gasoline by the state retail tax of.07 cents. According to the state, the average retail price was $3.3295.
The December fuel usage tax is the highest on record. Since reaching its lowest position on record in June 2020, the tax has slowly grown. The fuel tax is now greater than it was before 2022.
Indiana has one of the country’s highest gasoline excise taxes. According to IGEN statistics, only 13 states have a higher gas excise tax than Indiana. The neighboring states of Ohio and Illinois, on the other hand, have higher gas excise taxes.
If the average retail price of gasoline maintains at $3.3295 in December, consumers will pay roughly $4.07 at the pump. According to AAA, the average price of petrol in Indiana is roughly $3.845 as of October 26.
According to AAA, rising supply and declining fuel demand are driving down oil prices. If demand continues low, gas prices will likely continue to fall ahead of Thanksgiving.
Last week, oil prices fell below $80 per barrel for a brief period. If oil markets remain stable, we may see a national average of $2.99 around Christmas.