PROVIDENCE, R.I. (WPRI) — The gas tax could soon be suspended in Rhode Island until the end of the year.

On Thursday, the House Finance Committee will be taking up the proposal, sponsored by Rep. James N. McLaughlin, which imposes a moratorium on the payment of the fuel tax until December 31, 2022.

The elimination of the gas tax, which costs 35 cents, would save Rhode Islanders a total of $150 million, according to a similar proposal from the Rhode Island Senate Republican Caucus. The proposal from Republicans would put the gas tax on hold until June 2023.

No decision was made Thursday night, but sponsors of both bills say Rhode Islanders need relief now. The debate comes as gas prices creep closer to all-time highs, and diesel prices continue breaking records.

“People need, can’t afford to go to the pump and pay the going rate right now. They need to get to work. this economy is bad. they need relief, not six months from now, not a year from now. they need it right now,” Rep. James McLaughlin said.

According to AAA, as of Thursday morning, the average price in Rhode Island is $4.23 per gallon, up 13 cents from a week ago and not far from the record of $4.36 per gallon set in March.

Right next door in Connecticut, where the governor suspended the gas tax of 25 cents a gallon earlier this year, the average price sits at $4.18 per gallon. When that moratorium went into effect in April, the average price dropped to $4.01.

In the meantime, diesel prices have once again reached all-time highs. As of Thursday, the average price in Rhode Island sits at $6.18 per gallon. That’s up nearly 90 cents from a week ago, and more than $3.00 more than this time last year, according to AAA.

It’s leading to sticker shock for truck drivers, who say it’s not just impacting their bottom lines, but hitting your wallet at home.

“It’s a vicious circle, it’s an absolutely vicious circle,” truck driver Rick Bergeman told WBZ. “The sad part about it is every penny of that gets passed on to you, because I can’t afford to ride in my truck and pay that kind of fuel price, so what happens is every single thing that goes into my trailer, the prices go up.”

The gap between gas and diesel prices is the widest it’s been in decades, according to Suffolk University Economist Jonathan Haughton, who told WBZ it’s because of various supply issues.

Thursday’s meeting is set for 5 p.m. at the State House.