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The move is expected to save Hoosier motorists 59.3 cents a gallon for the next month.
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Hoosiers can track fuel prices in real time using IN Fuel Watch, an online portal released by Attorney General Todd Rokita documenting gasoline prices at more than 4,600 gas stations across the state.
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Gas prices around the country are skyrocketing as the war with Iran continues. Across Indiana prices have crossed the 4 dollar mark in most major cities, averaging about 3.98 a gallon statewide.
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An electrical fire at a BP refinery in northwest Indiana on Wednesday caused the company to temporarily close its facility located about 15 miles southeast of Chicago.
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Former Vice President Mike Pence blamed Democrats for high gas prices during a visit to northwest Indiana Tuesday.
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Indiana's sales tax on gasoline will actually rise slightly starting Aug. 1 even though pump prices have dropped more than 11% from a month ago.
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Hoosiers are currently paying almost 75 cents per gallon in state and federal taxes when they get gas. Statehouse Democrats are making a renewed push for Indiana to suspend its gas taxes while prices are the highest they've ever been.
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Agricultural economists say there is potential for record high year for corn yields this year, but that may not be good news for farmers.
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The majority of the U.S. could see savings of 25 cents per gallon of regular gasoline, compared to prices this summer.
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AAA projects 43 million people to be traveling this Memorial Day weekend.