Israel to Cut Fuel Prices by Half a Shekel Next Week
The Israeli Ministry of Finance announced that fuel prices will be reduced by half a shekel per liter starting early next week. The price cut is set to take effect at midnight between Sunday and Monday, following approval by Finance Minister Bezalel Smotrich. This measure comes after the price of gasoline reached a record high of 8.25 shekels per liter.
The decision to lower the price was made despite the ongoing election period, with the Attorney General having approved the move. The price increase that prompted this reduction was announced by the Ministry of Energy on Sunday, attributing it to rising international gasoline prices and an automatic adjustment to excise taxes. The excise tax adjustment alone contributed 5 agorot to the price hike.
Initially, Ministry of Finance professionals reportedly opposed the price reduction due to potential revenue loss. Estimates suggest that a 10 agorot reduction per liter would cost the state approximately 30 million shekels monthly, while a 50 agorot cut would result in a monthly revenue loss of about 150 million shekels.
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