Fuel Prices Set to Hit Record High Amid Dollar Surge
Translated & summarized from Channel 13 by baba
Gasoline prices in Israel are projected to reach a record high of at least 8.25 shekels per liter due to a sharp rise in the dollar's value. This increase will likely erase the existing tax discount, forcing Finance Minister Bezalel Smotrich to decide on further intervention amidst potential legal and budgetary challenges.
The story in 5 lines · by baba
- Fuel prices to reach record high of at least 8.25 shekels per liter.
- Dollar's surge is the primary cause of the expected price increase.
- Finance Minister Smotrich must decide on further tax reductions.
- Previous subsidy faced opposition from finance ministry professionals.
- Further subsidy before elections is considered less likely.
Fuel prices in Israel are expected to reach an all-time high following a significant jump in the dollar's exchange rate on Tuesday. Energy market analysts predict that the price of gasoline will increase by more than 50 agorot per liter, pushing the self-service price to at least 8.25 shekels per liter. This surge is likely to negate the tax discount previously implemented by Finance Minister Bezalel Smotrich.
Minister Smotrich now faces a critical decision: whether to issue another order to deepen the tax reduction. Such a move, especially close to elections, would be even more sensitive than before and could encounter legal opposition from within and outside the Ministry of Finance. While further subsidization before an election is not impossible, it appears less likely than it did last month.
Previously, after fuel prices hit a record high, Smotrich signed an order to lower them. However, Channel 13 News first reported that professional officials within the Ministry of Finance opposed his intention to sign the order. Their concerns included the risk of further budget overruns and the potential inefficiency of subsidizing fuel consumption.
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