Fuel Prices Drop in Israel Following Tax Reduction

Gasoline prices in Israel are set to decrease starting midnight between Sunday and Monday, due to a reduction in excise tax on fuel. The maximum price for a liter of 95-octane unleaded gasoline at self-service stations will be NIS 7.75, a drop of NIS 0.50 from the previous price of NIS 8.25. The additional charge for full service will remain unchanged at NIS 0.26 per liter, including VAT.

In Eilat, where fuel is tax-exempt, the maximum price for a liter of 95-octane gasoline at self-service stations will be NIS 6.57, a decrease of NIS 0.42 from the previous update. The surcharge for full service in Eilat will also remain unchanged at NIS 0.22 per liter.

This price reduction follows Finance Minister Bezalel Smotrich's signing of an order that lowers the excise tax on gasoline by NIS 0.50 for a period of two months. The Ministry of Finance stated that this measure aims to mitigate the rise in fuel prices and lessen the indirect impact of increasing energy costs on households and economic activity.

Minister Smotrich commented on the decision, saying, "The important global campaign led by the US against Iran is causing fuel prices to rise. The reduction in price that I have just signed will ease the burden on Israeli citizens, curb indirect price increases in many sectors of the economy, and allow us to continue lowering inflation and interest rates in the economy, as part of a calculated and responsible management of the economy as we have proven to do in recent years."