When motorists fill up as the new year comes in they will be paying more at the pump. The North Carolina motor fuels tax for gasoline, diesel, and alternative fuels will increase from 35.0 cents to 38.9 cents per gallon for the period from January 1, 2012 through June 30, 2012, Department of Revenue Secretary David W. Hoyle announced Tuesday.
The tax rate is computed using a flat rate of 17.5 cents per gallon and a variable wholesale component. The variable wholesale component is either 3.5 cents or 7 percent of the average wholesale price of motor fuel during the preceding six-month base period, whichever is greater. The average wholesale price is a weighted average of the wholesale prices of gasoline and No. 2 diesel fuel. The average price for the last base period was $3.0564 cents per gallon.
The Revenue Department says the new rate should be used beginning with the gasoline, diesel, and alternative fuels reports for January 2012 that are to be filed with the office in February 2012. The state motor fuels tax is included in the retail price paid by consumers at the pump.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement