Fuel Prices Hit Record High in Israel Amid Persian Gulf Tensions
Translated & summarized from Srugim by baba
Israel's fuel prices are reaching an all-time high on September 1st due to global oil price increases linked to US-Iran tensions. The price for 95-octane gasoline will be 8.25 shekels per liter.
The story in 5 lines · by baba
- Israel's fuel prices reach record high on September 1st.
- Price of 95-octane gasoline increases to 8.25 shekels per liter.
- Global tensions between US and Iran drive oil price surge.
- Strait of Hormuz closure contributes to rising crude oil costs.
- Dollar's depreciation partially mitigates the price increase.
Israel is set to experience its highest-ever fuel prices starting September 1st, as the Ministry of Energy and Infrastructure announced an increase in the price of gasoline. The price for a liter of 95-octane unleaded gasoline will rise by 16 agorot, reaching 8.25 shekels. An additional charge for full service will increase by 1 agora to 26 agorot per liter. In Eilat, where fuel is sold without Value Added Tax (VAT), the price will increase by 14 agorot to 6.99 shekels per liter.
The surge in fuel costs is attributed to rising global oil prices, primarily driven by heightened tensions between the United States and Iran and the closure of the Strait of Hormuz. These geopolitical factors led to a 6.4% increase in crude oil prices. However, the impact of this rise was partially offset by a 2.95% decrease in the dollar's exchange rate.
Of the final price for a liter of gasoline, 3.66 shekels are allocated to excise duty and 1.26 shekels to VAT, totaling 4.62 shekels, which constitutes 59% of the final cost.
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