Fuel Prices in Israel Hit Record High Amid Global Market Fluctuations
The price of 95-octane gasoline in Israel will rise by 16 agorot to reach 8.25 shekels per liter starting Tuesday at midnight, marking the highest price since the outbreak of the war with Iran and an all-time record. This increase occurs despite reports of significant oil transfers in the Strait of Hormuz. Over 60% of the fuel price consists of taxes.
The Fuel and Gas Administration at the Ministry of Energy and Infrastructure attributed the price hike to several factors. Bat-Sheva Abuhazira, director of the administration, explained that a 6% increase in international gasoline prices, partially offset by a 3% decrease in the dollar's exchange rate, contributed approximately 10 agorot to the liter price. Additionally, the Tax Authority updated the excise tax component based on the index, adding about 5 agorot per liter. A semi-annual adjustment also increased the marketing margin by one agora.
These combined changes resulted in the total 16-agora increase for September. Furthermore, the service fee for full-service stations will rise by one agora to 26 agorot per liter, up from 25 agorot, due to an increase in the minimum wage.
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