Fuel Prices in Israel Hit Record High, Matching 2012 Levels
Fuel prices in Israel are set to rise again on Tuesday night, reaching 8.25 shekels per liter. This marks an increase of 16 agorot from August and matches a record high last seen in September 2012. Bat Sheva Abuhazira, director of the Fuel and Gas Administration at the Ministry of Energy and Infrastructure, explained that several factors contributed to the price hike.
The international price of gasoline increased by approximately 6%, which was partially offset by a roughly 3% decrease in the dollar exchange rate. These combined changes in the global market and currency exchange added about 10 agorot to the liter price. Additionally, the Tax Authority updated the excise duty component based on the consumer price index, contributing another 5 agorot per liter. A semi-annual adjustment to the marketing margin also added one agorot.
Collectively, these adjustments resulted in the 16 agorot increase per liter for September. The Ministry of Energy and Infrastructure's Fuel and Gas Administration announced the update.
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