Florida gas prices are poised for an abrupt increase this week, when the state gas tax holiday expires on November 1st.
The sales tax holiday called for a 25-cent discount at the pump throughout October.
So it stands to reason that when the gas tax is reinstated on Tuesday, drivers will see a 25 cent jump at the pump.
“While Halloween is traditionally a time for filling bags with candy, drivers may also want to fill their gas tank to take advantage of current prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Pump prices will likely rise 25 cents overnight, when the state gas tax expires on Tuesday morning.”
When the state sales tax holiday was implemented on October 1, gas prices declined a total of 22 cents within a couple of days, falling from $3.39 to $3.17 per gallon.
During the first week of October, OPEC+ announced plans to cut its oil production rate, which sparked a 17% oil price hike, raising the cost of producing gasoline. This ultimately dragged Florida gas prices back to where they were before the state’s gas tax holiday.
Gas prices for the month of October averaged $3.33 per gallon. That’s about 6 cents less than what the price was on September 30th.
Florida gas prices declined 7 cents last week. On Sunday, the state average price for gasoline averaged $3.29 per gallon.