Gas Prices could see an increase in New Mexico

Gas Prices could see an increase in New Mexico

You may be paying more at the pump in New Mexico, all in an effort to help fund roadway projects.

Tax on gasoline and diesel in New Mexico could see a five cent increase to help finance highway construction projects in the Land of Enchantment.

Representative Roberto Gonzales sponsored a bill that would raise gasoline tax from 17 cents to 22 cents a gallon. The tax increase would last through June 2024, and then would drop back down to 17 cents after that point.

The special fuels tax on diesel would go to 26 cents a gallon for the same 10 year period. Diesel tax is currently at 21 center per gallon.

The increase would give the state $300 million in bond revenue for major highway improvements.

Some projects that have already been improved would be widening I-25 and U.S. 491.