State Motor Fuels Tax Rate Adjusted
RALEIGH – The North Carolina motor fuels tax for gasoline, diesel, and alternative fuels will increase from 26.6 cents to 27.1 cents per gallon for the period from July 1, 2005 through Dec. 31, 2005, Department of Revenue Secretary E. Norris Tolson announced today.
The 27.1-cent rate includes a flat rate of 17.5 cents per gallon and a wholesale component of 9.6 cents per gallon. The Secretary sets the amount of the wholesale component twice a year, as delegated by the General Assembly.
The 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 $1.3765 per gallon.
The new rate should be used beginning with the gasoline, diesel, and alternative fuels reports for July 2005 that are to be filed with the Department of Revenue in August 2005. The state motor fuels tax is included in the retail price paid by consumers at the pump.
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