Along with fun in the sun, summer usually means a sharp spike in the price of gasoline thanks to seasonal economic factors. This year, that spike is really going to hurt.
On Monday, July 1, the price of gas in Ohio goes up 10.5 cents per gallon thanks to a scheduled increase in the state gas tax. The latest increase means Ohioans will pay a tax rate of 38.5 cents per gallon on unleaded.
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Diesel fuel also goes up a whopping 19 cents per gallon on July 1, bringing the total tax rate to 47 cents per gallon.
The new taxes, signed into law by Governor Mike Dewine in April, are part of the state transportation budget. Funds generated by the tax increase will go toward improving roads and infrastructure.
Remember to fill up this week – it’s likely to be the cheapest tank of gas you’ll buy for the foreseeable future.