Fuel Prices to Drop by Half a Shekel as Tax Cut Takes Effect
Drivers in Israel will see a reduction in gasoline prices starting tonight at midnight, following a decision to lower the excise tax on fuel by 0.5 shekels per liter. The cut, which will be formalized by Finance Minister Bezalel Smotrich with the approval of the legal advisor, comes after prices reached a historic high of 8.25 shekels per liter. This tax reduction is scheduled to remain in effect until October 31, 2026.
The price decrease follows a recent increase on September 1, when fuel prices rose by 16 agorot, matching a previous record set in September 2012. Bat Sheva Abuhazira, director of the Fuel and Gas Administration at the Ministry of Energy and Infrastructure, explained that several factors contributed to the recent price hike. She noted a roughly 6% increase in international gasoline prices, partially offset by a 3% decrease in the dollar's exchange rate, resulting in an overall rise of about 10 agorot per liter.
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