Vehicle fuel, charging prices better national norms

As 2024 closes, prices for a gallon of unleaded fuel in North Carolina are more than a dime lower than a year ago and continue to hover at about 20 cents better than the national average as they have all year.

The motor fuels tax falls a tenth of a penny on Wednesday to 40.3 cents per gallon.

Tuesday morning, the average cost of a gallon of unleaded from Murphy to Manteo was $2.86, according to the American Automobile Association. The national average is $3.04.

The state price is 14 cents better than a year ago, a little more than a penny better than a month ago, and up 3 cents from the previous day. Diesel averages $3.41 per gallon, 2 cents better than a month ago and 51 cents less than the same day 12 months earlier. Diesel average nationwide is $3.50.

Twenty states have lower unleaded prices and 21 are lower for diesel.

North Carolina’s electric vehicle charging rate average, according to AAA, is 33.5. cents per kilowatt hour. Sixteen states are lower. The national average is 34.7 cents per kwh.

North Carolina has more than 8 million combustion engine vehicles registered and just more than 100,000 zero emission vehicle registrations.

GasBuddy, a leading fuel savings platform for North American drivers, on Tuesday forecast a third consecutive year of lower gas and diesel prices.

"While declining fuel prices in 2025 will provide welcome relief to American drivers and businesses, emerging risks could lead to increased volatility," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Geopolitical uncertainties, potential disruptions from extreme weather, and policy shifts under the new administration could create challenges for fuel markets. Despite this, expanding global refining capacity and moderating demand are expected to support lower prices for most of the year."

According to reports into GasBuddy, North Carolina’s best price for unleaded regular is $2.09 at the BP station, 8917 Boylston Hwy, in Mills River. That’s just northwest of the Interstate 26 and U.S. 64 junction in the southwestern part of the state.

Among 14 major metro areas, unleaded gas is the least expensive in both New Bern and Jacksonville at $2.77. Most expensive is the Durham-Chapel Hill metro area ($2.98).

Diesel is the most consumer-friendly ($3.31) in both Rocky Mount and Goldsboro.

This year, North Carolina averages were $3.15 for unleaded gas and $4.07 for diesel at Martin Luther King Day; $3.35 and $3.87, respectively, just before Memorial Day; $3.30 and $3.77 prior to July 4; $3.10 and $3.63 as Labor Day approached; $2.87 and $3.42 ahead of Thanksgiving; and $2.83 and $3.41 a few days before Christmas.

North Carolina’s 40.3 cents per gallon tax rate for 2025 is topped by California (59.6), Pennsylvania (57.6), Washington (49.4) and Illinois (47).

The motor fuel excise tax rate is the amount for the preceding calendar year (40.4), multiplied by a percentage. The percentage is plus or minus the sum of the annual percentage change in state population for the applicable calendar year, multiplied by 75% and the annual energy index percentage change in the Consumer Price Index for All Urban Consumers, multiplied by 25%, the state Department of Transportation explains on its website.

Motor fuel taxes in the state go to the Department of Transportation’s highway and multi-modal projects, adding up to just more than half of the state transportation resources. Specifically, the revenues go into the Highway Fund and the Highway Trust Fund.