Israel Fuel Prices Surge Amid Global Market Shifts and Tax Changes
Translated & summarized from Kikar HaShabbat by baba
Gasoline prices in Israel will jump by 52 agorot to NIS 8.27 per liter, reaching a record high due to global oil price increases and the end of a temporary tax reduction. The Ministry of Energy cited international market trends and currency fluctuations as primary drivers for the surge.
The story in 5 lines · by baba
- Fuel prices in Israel will increase by 52 agorot to NIS 8.27 per liter.
- The price hike is attributed to rising global oil prices and a stronger dollar.
- A temporary reduction in the fuel excise tax has ended.
- This marks the highest gasoline price recorded in Israel.
- The change takes effect at midnight between Wednesday and Thursday.
The price of gasoline in Israel is set to reach an all-time high, with a liter of 95-octane unleaded fuel increasing by 52 agorot to NIS 8.27 starting midnight between Wednesday and Thursday. This dramatic price hike is attributed by the Ministry of Energy and Infrastructure to a combination of rising global oil prices and a strengthening dollar.
The ministry explained that the increase reflects a nearly 13% rise in international gasoline prices, driven by global oil cost escalations and ongoing concerns about oil supply disruptions and energy market stability. Additionally, a roughly 3% appreciation of the dollar against the shekel has further impacted the domestic fuel cost.
A significant factor in the price jump is the reinstatement of a fuel excise tax (blue) that was reduced by 50 agorot per liter in September. This temporary reduction, initiated by Finance Minister Bezalel Smotrich, was part of an emergency order effective from September 7th until the end of October. With this reduction now ending, the price is reverting to its higher level.
The surcharge for full-service stations will remain unchanged at 26 agorot per liter. The Ministry of Energy stated that the new maximum price includes the updated excise tax, which was temporarily lowered in the previous month.
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