Israel Gas Prices Set to Exceed 8 Shekels Amid Global Oil Surge
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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