Fuel Prices Set to Soar Past 8 Shekels Per Liter
Fuel prices in Israel are expected to jump significantly next week, potentially exceeding 8 shekels per liter. The anticipated increase is estimated at 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-agora subsidy per liter to mitigate record-high fuel costs. However, this subsidy is now expected to be almost entirely offset by the upcoming price hike. The government's subsidy initiative cost the economy approximately 300 million shekels.
The final price point will depend on a decision by Finance Minister Bezalel Smotrich. He may opt to extend the fuel subsidy to prevent prices from reaching an all-time high, a move that could be politically sensitive ahead of potential elections.
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