Israel Cuts Fuel Prices by Half a Shekel Amid Cost of Living Concerns
Translated & summarized from i24NEWS by baba
Israel has reduced gasoline prices by half a shekel per liter to 7.75 shekels following a Finance Ministry order to cut excise taxes. The move aims to lower the cost of living and combat inflation.
The story in 5 lines · by baba
- Gasoline prices in Israel decreased by 0.50 shekels per liter overnight.
- The new price for 95-octane self-service fuel is 7.75 shekels per liter.
- The reduction follows Finance Minister Smotrich's order to lower excise taxes.
- The measure aims to combat inflation and reduce the cost of living.
- The price had recently reached a record high of 8.25 shekels per liter.
The price of gasoline in Israel dropped by half a shekel per liter overnight, bringing the cost of 95-octane self-service fuel down from 8.25 shekels to 7.75 shekels. This reduction comes into effect following an order signed by Finance Minister Bezalel Smotrich to lower excise taxes on fuel.
Smotrich stated that the measure aims to alleviate the cost of living for Israeli citizens, combat inflation, and support the Bank of Israel's efforts to lower interest rates, thereby easing credit access for households and businesses. The price had recently surged to 8.25 shekels per liter, matching a record high from September 2012, attributed to the global energy crisis and regional security tensions.
Officials had previously noted that international gasoline price increases, coupled with currency fluctuations, contributed to the recent rise. The tax reduction faced initial legal scrutiny due to its implementation during an election period, but the Ministry of Justice ultimately approved the excise tax cut, paving the way for the price decrease.
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