Israel Slashes Fuel Tax by Half Shekel Per Liter for Two Months
Israeli Finance Minister Bezalel Smotrich signed an order on Sunday to reduce the excise tax on fuel by half a shekel per liter for two months. Effective midnight Sunday, the price of a liter of 95-octane gasoline will drop to NIS 7.75 from the current NIS 8.25.
The measure comes in response to rising fuel prices, attributed to the global campaign against Iran and increased worldwide energy costs. The reduction aims to ease the burden on drivers and mitigate the impact of higher prices on the broader economy.
"The important global campaign against Iran, led by the United States, is causing fuel prices to rise," Smotrich stated. "The reduction I have just signed will ease the burden on Israeli citizens, curb indirect price increases across many sectors of the economy, and allow us to continue lowering inflation and interest rates, as part of a calculated and responsible economic management, as we have proven we do in recent years."
The tax cut will remain in effect for two months.
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