Israel Gas Prices Set to Exceed 8 Shekels Amid Global Oil Surge
Translated & summarized from Mignews by baba
Gasoline prices in Israel are projected to rise by over 40 agorot per liter next week, potentially exceeding 8 shekels due to increasing global oil prices. The government may consider increasing fuel subsidies to offset the impact on consumers.
The story in 5 lines · by baba
- Israeli gasoline prices may exceed 8 shekels per liter next week.
- Global oil price increases are the main reason for the expected rise.
- Tensions in the Middle East and Russia-Europe relations impact oil costs.
- A recent government subsidy is likely to be nullified by the price hike.
- Finance Minister Smotrich may consider increasing fuel subsidies.
Gasoline prices in Israel are expected to rise again next week, potentially exceeding 8 shekels per liter. Current calculations indicate an increase of over 40 agorot per liter, with the final figure to be announced in the coming days, according to N12.
The primary driver for this price hike is the continued rise in global oil costs, influenced by tensions surrounding Iran and the actions of the Houthis in the Bab-el-Mandeb Strait. Strained relations between Russia and Europe are also contributing to pressure on energy markets.
If the current forecast holds, this price increase will push the cost of a liter of gasoline past the 8-shekel mark. Earlier this month, fuel prices were poised to reach a new high, but the government intervened with a 50-agorat subsidy per liter to support drivers. This new price increase is expected to largely negate the effect of that subsidy.
The economic impact on consumers could be significant, with an estimated 300 million shekels in additional expenses. However, a final decision has not yet been made. Finance Minister Bezalel Smotrich is considering an increase in the fuel subsidy to mitigate the final cost for citizens.
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