Fuel Prices to Drop by Half a Shekel Starting Monday

The Israeli Ministry of Finance has published a decree to reduce the excise tax on gasoline by 0.5 shekels, a move expected to lower fuel prices. The decree will be open for public comment until Sunday, after which Finance Minister Bezalel Smotrich is anticipated to sign it into effect. The price reduction will take effect at midnight between Sunday and Monday, meaning drivers will see the lower prices starting Monday. Smotrich initiated the tax cut following a historic high in gasoline prices, which reached 8.25 shekels per liter. The Attorney General, Gali Baharav-Miara, approved the measure despite the ongoing election period. The tax reduction is scheduled to remain in place until October 31, 2026. The recent price increase on September 1st, which raised fuel costs by 16 agorot and matched a September 2012 record, was attributed to several factors. Bat Sheva Abuhazira, Director of the Fuel and Gas Administration at the Ministry of Energy and Infrastructure, explained that a roughly 6% rise in international gasoline prices, partially offset by a 3% drop in the dollar's value, contributed to an overall increase of about 10 agorot per liter.