Israel Slashes Fuel Prices Amid Global Energy Cost Surge
Translated & summarized from i24NEWS French by baba
Israel's government has intervened to lower gasoline prices, capping self-service unleaded 95 octane at 7.75 shekels per liter starting September 7th. The move, attributed to global energy cost increases and aimed at easing household expenses and inflation, was announced by the Ministry of Energy and Infrastructure.
The story in 5 lines · by baba
- Gasoline prices in Israel will drop to 7.75 shekels per liter starting September 7th.
- The price reduction is due to an updated excise tax on fuel.
- The government aims to ease the cost of living and combat inflation.
- Finance Minister Betzalel Smotrich linked rising energy costs to international actions against Iran.
- The new prices apply to self-service and full-service options, with different rates in Eilat.
The price of gasoline in Israel is set to significantly decrease starting Monday, September 7th. The maximum price for a liter of self-service unleaded 95 octane will be capped at 7.75 shekels, a reduction of 0.50 shekels from the current price of 8.25 shekels. This adjustment follows an update to the excise tax on fuel, as announced by the Ministry of Energy and Infrastructure.
The surcharge for full service will remain unchanged at 0.26 shekels per liter, including VAT. In Eilat, where prices are calculated excluding VAT, the self-service unleaded 95 octane will be capped at 6.57 shekels per liter, a decrease of 0.42 shekels. The full-service surcharge in Eilat will be 0.22 shekels.
Finance Minister Betzalel Smotrich attributed the price reduction to rising energy costs, which he linked to the international campaign against Iran. He stated that the measure aims to ease the cost of living for households and mitigate the indirect economic impact of higher fuel prices on other sectors.
Smotrich also expressed his belief that the price drop would help continue to slow inflation and create conditions favorable for a decrease in interest rates. The new tariffs are scheduled to take effect at midnight between September 6th and 7th.
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