Fuel Prices in Israel Hit Record High Amid Global Market Turmoil
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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