Fuel Prices Set to Soar Past NIS 8 Per Liter Next Week
Translated & summarized from Mako by baba
Fuel prices in Israel are projected to rise by more than 40 agorot next week, likely surpassing 8 shekels per liter. This increase is driven by global oil price hikes and is expected to negate a recent government subsidy.
The story in 5 lines · by baba
- Fuel prices in Israel may exceed 8 shekels per liter next week.
- An increase of over 40 agorot is anticipated.
- Global oil prices and geopolitical tensions are cited as causes.
- A recent government subsidy is likely to be fully offset.
- The Finance Minister may intervene to prevent record high prices.
Fuel prices in Israel are expected to jump significantly next week, potentially exceeding 8 Israeli shekels per liter. The anticipated increase is over 40 agorot, though the final price will be determined at the end of the month. This rise is attributed to escalating global oil prices, driven by tensions with Iran, the Houthi control of the Bab al-Mandab strait, and broader geopolitical friction between Russia and Europe.
Earlier this month, the government implemented a 50 agorot per liter subsidy to mitigate rising fuel costs, which was intended to prevent a record high price. However, the upcoming price hike is expected to largely offset this discount, effectively canceling out the government's relief measure. The subsidy cost the economy approximately 300 million shekels.
The final price will be confirmed in the coming days. There is a possibility that Finance Minister Bezalel Smotrich could decide to extend the fuel discount to prevent the price from reaching an all-time high before potential elections, despite previous assurances.
