Fuel Prices in Israel Hit Record High Amid Global Market Surge
Translated & summarized from Mako by baba
The price of gasoline in Israel will reach a record high of 8.27 shekels per liter due to global price increases and a stronger dollar, despite a government tax reduction.
The story in 4 lines · by baba
- Fuel prices in Israel will hit a record high of 8.27 shekels per liter.
- The increase is driven by global gasoline prices and a stronger dollar.
- A government excise tax reduction is currently in effect.
- The new price takes effect at midnight Wednesday.
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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