Israel to Cut Fuel Tax, Lowering Gas Prices Below 8 Shekels
The price of gasoline in Israel is expected to drop below 8 shekels per liter starting midnight tonight, following a significant increase that reached a 14-year high. The price had climbed to 8.25 shekels per liter on September 1st, a level not seen since 2012. This surge occurred despite global crises, including the war in Ukraine and tensions with Iran.
To alleviate the burden on drivers facing escalating fuel costs, Finance Minister Bezalel Smotrich is set to sign an order reducing the excise tax on fuel by half a shekel. This measure is a direct response to public pressure stemming from the continuous price hikes.
Once the legal approvals are finalized and Smotrich signs the order today, the tax reduction will take effect at midnight. This means drivers will see the new, lower price at the pump from the early hours of tomorrow. The anticipated new price is approximately 7.75 shekels per liter.
For consumers, this reduction translates to savings of about 50 agorot per liter. Filling a 50-liter tank will now cost around 25 shekels less than the current price. Drivers who can postpone refueling are advised to wait until after midnight to benefit from the lower cost.
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