Fuel Prices Set to Surge Despite Government Subsidy
Fuel prices in Israel are expected to jump by more than 40 agorot per liter next week, despite a government subsidy implemented earlier this month. The final price will be determined in five days, at the end of the month, according to a Channel 12 report. The anticipated price hike is attributed to rising global oil prices, influenced by tensions with Iran, the Houthi takeover of the Bab-el-Mandeb strait, and the conflict between Russia and Europe.
At the beginning of the month, Israel faced the possibility of record-high fuel prices. However, the government intervened with a subsidy of half a shekel per liter, costing the economy approximately 300 million shekels. The upcoming price increase is likely to offset this subsidy.
If current trends continue, a liter of fuel could exceed 8 shekels next week. The potential to prevent this rise rests with Finance Minister Bezalel Smotrich, who must decide whether to extend the fuel subsidy. This decision comes amid the possibility of elections within a month, which could see fuel prices at their peak.
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