Fuel Prices in Israel Hit Record High Amid Global Market Turmoil
Translated & summarized from Kan News by baba
Fuel prices in Israel are set to reach a record high of 8.27 shekels per liter starting Thursday, driven by global oil price increases and a stronger dollar. The price hike follows the reinstatement of a previously reduced fuel excise tax.
The story in 5 lines · by baba
- Israeli gasoline prices will reach a record 8.27 shekels per liter on Thursday.
- Global oil market instability and a stronger dollar are driving the increase.
- A temporary 50 agorot excise tax reduction has been reversed.
- The price hike reflects a 13% rise in international gasoline costs.
- Concerns over global oil supply continue to impact energy markets.
Israel's Ministry of Energy and Infrastructure announced on Tuesday that the price of supervised fuel products will increase significantly starting Thursday, October 1st, 2026. The maximum price for a liter of 95-octane unleaded gasoline at self-service stations will rise by 52 agorot to a record 8.27 shekels, including VAT. The additional charge for full service will remain unchanged at 26 agorot per liter. This price hike is attributed to global energy market developments, including a roughly 13% increase in international gasoline prices and ongoing concerns about oil supply and global energy market stability. A nearly 3% strengthening of the dollar against the shekel also contributed to the rise.
The new price includes the reinstatement of a 50 agorot per liter fuel excise tax, which had been temporarily reduced in early September by Finance Minister Bezalel Smotrich. The reduction, effective from September 7th to the end of October, was approved by the Attorney General despite professional concerns within the Finance Ministry about it being a "election economy" measure. The price of Brent crude oil has surged to $119.50 per barrel, a four-year high, further impacting fuel costs.
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