Israel Cuts Fuel Tax, Slashing Gasoline Prices by Half a Shekel
Translated & summarized from Arutz Sheva by baba
Israel's Finance Minister Bezalel Smotrich enacted an order reducing excise tax on gasoline, lowering the price per liter by half a shekel to 7.75 shekels. Smotrich stated the move aims to combat the cost of living and inflation, potentially enabling further interest rate cuts.
The story in 4 lines · by baba
- Gasoline prices in Israel decreased by 0.50 shekels per liter.
- The price reduction is due to a cut in excise tax ordered by the Finance Minister.
- The move is intended to combat the high cost of living and inflation.
- The Finance Minister linked the measure to potential future interest rate cuts.
An order signed by Israeli Finance Minister Bezalel Smotrich to reduce excise tax on gasoline went into effect at midnight on Sunday. As a result, the price of a liter of gasoline has dropped by half a shekel, from 8.25 shekels to 7.75 shekels.
Smotrich presented the measure as part of the government's efforts to combat the rising cost of living and inflation in Israel. He stated that the reduction in fuel prices is intended to provide relief to households and businesses.
The Finance Minister linked the tax cut to the ongoing decline in inflation, suggesting it creates conditions for further interest rate reductions by the Bank of Israel. "This is how we reduce the cost of living for Israeli citizens, this is how we fight inflation, ensure it continues to fall, and allow the governor to continue lowering the interest rate, making it easier for Israeli households and businesses to receive credit at a lower interest rate," Smotrich said.
He concluded by emphasizing continued work for the Israeli people, stating, "We continue to work for the people of Israel. A strong people of Israel means a strong economy of Israel."
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