Fuel Prices to Drop by Half a Shekel Amid Election Period
Israel's Attorney General Gali Baharav-Miara has approved a decision by Finance Minister Bezalel Smotrich to reduce the price of gasoline by half a shekel (approximately $0.15 USD) within 48 hours. The approval comes despite the ongoing election period, during which the powers of the outgoing government are typically restricted.
Smotrich plans to request a shortening of public comment procedures to expedite the implementation of the price reduction. The Ministry of Finance argued that there is a necessity and urgency to alleviate the burden of the high cost of living, citing a surge in fuel prices to record levels.
The reduction will apply only to gasoline, a price-controlled product, and not to diesel fuel. This distinction is intended to prevent subsidies from being absorbed by distributors' profits instead of reaching consumers.
According to the Ministry of Finance's request, and in accordance with the Basic Law: Budget Foundations, the measure will be funded from a budgetary surplus. This surplus resulted from the partial realization of a previous measure that increased the tax exemption on personal imports.
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