Fuel Prices Set to Soar to Record Highs in Israel
Translated & summarized from Haaretz by baba
Fuel prices in Israel are expected to hit a record high, exceeding 8 NIS per liter due to rising global crude oil prices and a weaker shekel against the dollar. The Ministry of Energy will announce the new prices on Thursday.
The story in 5 lines · by baba
- Fuel prices in Israel will reach a record high.
- Prices are expected to exceed 8 NIS per liter.
- Global crude oil prices have risen to $85 per barrel.
- The Israeli shekel has weakened against the US dollar.
- New prices will be announced Thursday and take effect at midnight.
Fuel prices in Israel are poised to reach unprecedented levels, with reports indicating a significant surge is imminent. The exact price per liter will be determined by the Ministry of Energy on Thursday, but current assessments suggest it will exceed 8 NIS for the first time in the country's history.
The primary driver behind this sharp increase is the global rise in crude oil prices, which have climbed to approximately $85 per barrel. This global trend is compounded by the weakening of the shekel against the US dollar, as the exchange rate has risen to around 3.75 NIS per dollar.
Analysts attribute the global oil price hike to ongoing geopolitical tensions, particularly the conflict in Ukraine and the broader instability in the Middle East. These factors have created uncertainty in the energy markets, leading to increased prices.
The Ministry of Energy is expected to announce the new fuel prices on Thursday, with the changes taking effect at midnight. The anticipated rise is likely to impact consumers across Israel, affecting transportation costs and potentially leading to broader inflation.
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