New York Petroleum Business Tax to Swell 5% Amid Inflation Fears

New York fuel distributors statewide can expect to pay a higher petroleum business tax starting Jan. 1, 2022.

The higher levy may mean that businesses, hospitals, and schools will pay more for their heating fuel due to the 5% increase, raising concerns that costs will be passed on to consumers. The price of jet fuel used by aircraft and diesel motor fuel could also rise if distributors pass on the higher cost.

• The so-called Petroleum Business Tax fluctuates every year based on the producer price index, which is determined by the federal government’s Bureau of Labor Statistics.
• The current tax ...