Fuel Prices in Israel Rise Again in September
Translated & summarized from N12 by baba
Gasoline prices in Israel are set to increase by 16 agorot per liter in September, reaching 8.25 shekels. The rise is attributed to higher international fuel costs and updated excise taxes.
The story in 5 lines · by baba
- Gasoline prices in Israel will rise by 16 agorot in September.
- The new price for 95-octane gasoline will be 8.25 shekels per liter.
- International fuel price increases are a primary cause for the hike.
- Updated excise taxes and marketing margins also contribute to the rise.
- The surcharge for full-service fueling will increase by one agora.
The price of a liter of 95-octane gasoline in Israel will increase by 16 agorot starting September 1st, reaching 8.25 shekels for self-service fueling. This follows a significant price jump in August. The Ministry of Energy and Infrastructure announced the updated price, attributing the rise to several factors.
Key among these is a roughly 6% increase in international fuel prices, partially offset by a 3% decrease in the dollar's exchange rate, contributing about 10 agorot to the price hike. Additionally, the Tax Authority updated the excise tax component by approximately 5 agorot per liter, and a semi-annual adjustment to the marketing margin added another agora.
The surcharge for full-service fueling will also see a slight increase of one agora, bringing it to 26 agorot per liter, due to a rise in the minimum wage. The Ministry of Energy and Infrastructure advises consumers to compare prices across different stations to find the most economical option.
The monthly fuel price is determined by a formula based on the average prices in the Mediterranean region during specific trading days, along with marketing costs, excise tax, and value-added tax. The exchange rate used is the last published by the Bank of Israel prior to the calculation period.
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