Fuel Prices Hit Record High in Israel Amid Persian Gulf Tensions
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.
The same event, reported separately by each outlet. Open a few to compare what different newsrooms emphasize — and what they leave out.
Not the same event — other stories that share this one’s people, places, or theme: background, reactions, and follow-ups.
