Israel Fuel Prices Set for Significant Jump Next Week

Fuel prices in Israel are expected to rise significantly starting next week, potentially by around 40 agorot per liter. This anticipated increase follows a period of considerable volatility in fuel costs over the past year, with prices fluctuating sharply. The primary driver cited for the upcoming hike is escalating tensions with Iran, which has contributed to a rise in global oil prices.

The final price will be determined closer to the end of the current month, making the current estimate preliminary. This projected increase contrasts with a recent decrease in fuel costs experienced earlier in the month. Previously, a reduction in excise taxes on gasoline had lowered the maximum price for a liter of self-service 95-octane unleaded gasoline, including VAT, to 7.75 shekels, a drop of 50 agorot per liter. The surcharge for full service remained unchanged at 26 agorot per liter.

However, fuel prices saw a sharp increase at the beginning of this month. The Fuel and Gas Authority at the Ministry of Energy and Infrastructure adjusted regulated prices, setting the maximum for self-service 95-octane gasoline at 8.25 shekels per liter, an increase of 16 agorot. The surcharge for full service also saw a slight rise of 1 agora, to 26 agorot per liter.