Reduces taxes on petroleum products gross receipts to 2016 levels; eliminates review council and State Treasurer's authority to change tax rate.

This bill reduces New Jersey's tax on petroleum products from the current 31.9 cents per gallon to a fixed 4 cents per gallon - the rate in effect during 2016. It directly affects petroleum distributors and refiners by eliminating variable tax adjustments based on fuel consumption or revenue, and it removes the State Treasurer's authority to change the rate or the review council established in 2016. The bill reverts the tax structure to its 2016 baseline, requiring future changes to be enacted by the Legislature rather than administered by the State Treasurer. Consumers would likely see lower gasoline costs due to the reduced tax rate, though the bill itself only changes the tax mechanism.