Israel Gas Prices Poised to Hit Record High Despite Subsidy
Translated & summarized from NEWSru Israel by baba
Gasoline prices in Israel are set to reach a record high of 8.27 shekels per liter on October 1, despite a government subsidy. The increase is linked to rising global oil prices due to geopolitical tensions.
The story in 5 lines · by baba
- Israeli gasoline prices to reach record 8.27 shekels per liter on Oct. 1.
- The price hike occurs despite a recently introduced state subsidy.
- Rising global oil prices are cited as the primary reason for the increase.
- Geopolitical tensions in Iran, Yemen, and Russia-Europe relations contribute to oil price hikes.
- The Ministry of Energy and Infrastructure will officially approve the new price.
The price of 95-octane gasoline in Israel is expected to surge by 52 agorot on October 1, reaching a record 8.27 shekels per liter for self-service pumps, according to N12. This projected increase would surpass the previous record of 8.25 shekels per liter, despite a state subsidy implemented last month. Earlier forecasts had predicted a rise of over 40 agorot, pushing the price above 8 shekels for the first time in a significant period.
The steeper price hike is attributed to rising global oil prices, fueled by tensions surrounding Iran, the Houthi seizure of the Bab-el-Mandeb Strait, and escalating Russia-Europe relations. The Ministry of Energy and Infrastructure is responsible for officially approving the monthly fuel prices. The calculation for October's price is based on Platts quotes from September 22-28 and the currency exchange rate on September 28, as per the ministry's published schedule.
