Israel Cuts Fuel Tax, Slashing Gasoline Prices by 0.5 Shekels

A decree signed by Israeli Finance Minister Bezalel Smotrich to reduce excise tax on gasoline has taken effect, lowering the price of a liter of gasoline by 0.5 shekels. The new price, effective as of midnight Sunday, is 7.75 shekels per liter, down from 8.25 shekels.

Minister Smotrich stated that this measure is intended to reduce the cost of living for Israeli citizens and combat inflation. He expressed confidence that the reduction would contribute to continued decreases in inflation, enabling the Bank of Israel governor to further lower interest rates. This, he added, would ease credit access for Israeli households and businesses at lower rates.

"This is how we reduce the cost of living for the citizens of Israel, this is how we fight inflation, ensuring it continues to fall, and allowing the governor to continue lowering interest rates, making it easier for households in Israel and for businesses to get credit at low interest," Smotrich said. He concluded by emphasizing ongoing efforts for the Israeli people, stating, "We continue to work for the people of Israel. A strong Israel means a strong Israeli economy."