New Mexico Fuel Sales Taxes 2024 New Mexico: Fuel Excise Taxes

New Mexico:

New Mexico Cigarette and Fuel Excise Taxes

In addition to (or instead of) traditional sales taxes, gasoline and other Fuel products are subject to excise taxes on both the New Mexico and Federal levels. Excise taxes on Fuel are implemented by every state, as are excises on alcohol and tobacco products.

New Mexico Gasoline Tax

Excise: $0.17 / gallon
Addl. Tax: $0.02 / gallon
Total Tax: $0.19 / gallon

New Mexico Diesel Tax

Excise: $0.21 / gallon
Addl. Tax: $0.02 / gallon
Total Tax: $0.23 / gallon

New Mexico Gasohol Tax

Excise: $0.17 / gallon
Addl. Tax: $0.02 / gallon
Total Tax: $0.19 / gallon

† Additional Applicable Taxes: Petroleum loading fee

New Mexico Fuel Sales Taxes 2024 Other New Mexico Fuel Excise Tax Rates

The primary excise taxes on fuel in New Mexico are on gasoline, though most states also tax other types of fuel.

New Mexico Aviation Fuel sales tax rate

New Mexico Aviation Fuel Tax

In New Mexico, Aviation Fuel is subject to a state excise tax of .17 per gallon - refund end user minus 5% compensating tax

Point of Taxation: Distributor and end user refunds

New Mexico Jet Fuel sales tax rate

New Mexico Jet Fuel Tax

In New Mexico, Jet Fuel is subject to a state excise tax of Gross receipts taxable with a 55% deduction

Point of Taxation: Gross receipts

Payment of New Mexico Fuel Excise Taxes

Payments of fuel excise taxes are made by fuel vendors, not by end consumers, though the taxes will be passed on in the fuel's retail price. Fuel tax is due on the 25th of each month for the previous month.

New Mexico Fuel Tax Reports

Fuel producers and vendors in New Mexico have to pay fuel excise taxes, and are responsible for filing various fuel tax reports to the New Mexico government. Click the button below to view details on 0 NM fuel tax reports.

Federal Fuel Sales Taxes 2024 Federal Fuel Excise Taxes

The price of all motor fuel sold in New Mexico also includes Federal motor fuel excise taxes, which are collected from the manufacturer by the IRS and are used to support the Federal Highway Administration. Federal excise tax rates on various motor fuel products are as follows:

Gasoline $0.18.4 per gallon
Diesel and Kerosene $0.242 per gallon
Liquefied Petroleum Gas $0.183 per gallon
Liquefied Natural Gas (LNG) $0.243 per gallon
Compressed Natural Gas (CNG) $0.184 per gallon
Components of gasoline price Components of diesel price

Included in the Gasoline, Diesel/Kerosene, and Compressed Natural Gas rates is a 0.1 ยข per gallon charge for the Leaking Underground Storage Tank Trust Fund (LUST).

† These tax rates are based on energy content relative to gasoline.

What percentage of the cost of gas in New Mexico comes from taxes and gas station profit?

The diagram above shows how the prices of an average gallon of gasoline and diesel fuel are broken down among various components, including the cost of the crude oil, refining, distribution / marketing, and taxes. In most areas, state and federal excise taxes amount to about 13% of the cost of a gallon of gas. Gas stations generally only profit a few cents per gallon.

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