Israel Cuts Fuel Tax by Half a Shekel Amid Global Price Hikes
Translated & summarized from Kikar HaShabbat by baba
Israel has reduced its fuel excise tax by half a shekel per liter for two months, lowering the price of 95-octane gasoline to 7.75 shekels. The measure aims to counter global oil price increases driven by security tensions.
The story in 5 lines · by baba
- Fuel tax cut by 0.5 shekels per liter for two months.
- New price for 95-octane gasoline is 7.75 shekels.
- Action aims to offset global oil price hikes.
- Security tensions with Iran cited as a factor.
- Goal is to prevent wider economic price increases.
Israeli drivers will see a reduction in fuel prices starting tonight at midnight, following a decision by Finance Minister Bezalel Smotrich to cut the excise tax on fuel by half a shekel per liter for the next two months. This measure will bring the price of a liter of 95-octane gasoline down to 7.75 shekels.
The Ministry of Finance stated that the reduction aims to mitigate the impact of rising global oil prices, which have been exacerbated by security tensions with Iran. The move is intended to prevent a chain reaction of price increases that could affect the broader Israeli economy.
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