Fuel Prices to Drop Next Week Following Tax Cut
Translated & summarized from Globes by baba
Gasoline prices in Israel will decrease by 50 agorot per liter to 7.75 shekels starting next Monday due to a temporary reduction in excise taxes. The cut aims to address recent price surges that reached a 14-year high.
The story in 5 lines · by baba
- Gasoline prices to fall by 50 agorot per liter next Monday.
- Temporary excise tax reduction on gasoline is the cause.
- New price will be 7.75 shekels per liter.
- Recent surge brought prices to a 14-year high.
- Finance Minister Smotrich is behind the tax cut.
The price of gasoline in Israel is expected to decrease by 50 agorot per liter starting next Monday, falling to 7.75 shekels. This reduction follows a decision by the Ministry of Finance to temporarily lower excise taxes on gasoline. The move was initiated by Finance Minister Bezalel Smotrich and is intended to alleviate the burden on consumers, particularly in light of recent price hikes.
The Ministry of Finance published the order for public comment, with the minister expected to sign it into effect after the comment period concludes on Sunday. The price adjustment will take place at midnight between Sunday and Monday. The temporary measure is slated to be in effect from September 7, 2026, until October 31, 2026.
This upcoming price drop comes after gasoline prices rose by 16 agorot this week, reaching 8.25 shekels per liter. This recent surge brought the price to a 14-year high, matching the record set in September 2012. The increase was attributed to rising global gasoline prices, partially offset by a weaker dollar.
Despite concerns about potential 'election economics' given the proximity to elections, the Treasury's legal counsel recommended approving the tax cut, a recommendation accepted by the Attorney General.
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