Fuel Prices in Israel Hit Record High Amid Global Market Surge
Israel's Ministry of Energy and Infrastructure has officially confirmed that the price of a liter of 95-octane gasoline will increase by 52 agorot, reaching an all-time high of 8.27 shekels per liter for self-service stations starting midnight Wednesday. This new price surpasses the previous record of 8.25 shekels.
The significant price hike is attributed to a roughly 13% increase in global gasoline prices, driven by rising oil costs and concerns over supply stability in the international energy market. Additionally, a nearly 3% strengthening of the US dollar against the Israeli shekel has contributed to the rise.
This record price is set to be implemented despite a 50-agorot per liter reduction in excise tax that the government enacted in September to mitigate rising fuel costs. This tax reduction, which cost the economy an estimated 300 million shekels, is scheduled to remain in effect until the end of October.
The surcharge for full-service fueling will remain unchanged at 26 agorot per liter, bringing the maximum price for a liter of 95-octane gasoline with full service to 8.53 shekels.
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