CONNECTICUT GASOLINE AND DIESEL TAXES AND PRICES

Subtract the taxes and Connecticut's prices are no different than anywhere else.

May 31, 2008 (Cromwell, CT) There are two graphics below that demonstrate the relationship between Connecticut's diesel excise taxes and prices in relation to the rest of the states in this region - as well as Connecticut's gasoline excise taxes and prices in relation to the rest of the states in this region. Connecticut has the highest state gas taxes in the nation, hence we have the highest gasoline prices. Subtract the taxes and Connecticut's prices are no different than anywhere else. Connecticut has the second highest state diesel taxes in the region, hence we have the second highest diesel prices in the region. Again, subtract the taxes from the price of diesel fuel in Connecticut and our diesel prices are no different here than anywhere else.

NOTE:

• Connecticut abolished the Petroleum Gross Receipts Tax [GRT] on diesel fuel effective July 1, 2007. However, at the same time Connecticut enacted a provision in the tax law that allows the CT Dept. of Revenue Services to "look back" at the end of each fiscal year and see what the GRT would have raised, had it been in effect, and add that amount to the CT Diesel Excise Tax. 

• ICPA estimates that in June of 2008 CT DRS will add somewhere between 10¢ and 12¢ a gallon to the CT diesel excise tax, making it between 47¢ and 49¢ effective July 1, 2008. 

• The Connecticut Gasoline Gross Receipts Tax goes up from 7.53% of the wholesale price to 8.11% of the wholesale price, effective July 1, 2008, adding an estimated 2c a gallon to the GRT tax - ON TOP of the current 25.7c it already generates.

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ICPA represents more than 540 Connecticut based independent businesses. These businesses employ 13,000 Connecticut citizens and supply the majority of our state's 1,600 motor fuels outlets and 350 heating fuels dealers. ICPA's offices are at 10 Alcap Ridge, Cromwell, CT  06416.  For more information about today's Press Release, contact Gene Guilford or Chris Herb.