Israel Cuts Fuel Tax by Half Shekel to Lower Prices

Israeli Finance Minister Bezalel Smotrich has signed an order reducing the excise tax on fuel by half a shekel for two months. Effective at midnight Sunday, the price of a liter of 95-octane gasoline will drop to NIS 7.75 from NIS 8.25.

Smotrich stated that the global campaign against Iran, led by the United States, is causing fuel prices to rise. He explained that this reduction aims to ease the burden on Israeli citizens, curb indirect price increases across various economic sectors, and support efforts to lower inflation and interest rates. The minister emphasized this action as part of a responsible economic management strategy.

The move is intended to provide economic relief and maintain price stability within the Israeli economy.