Israel Gas Prices Hit Record High Despite Tax Cut
Translated & summarized from Cursorinfo by baba
Gasoline prices in Israel will reach a new record high of 8.27 shekels per liter due to rising global prices and a stronger dollar, despite a recent excise tax reduction. The increase will take effect Wednesday night.
The story in 5 lines · by baba
- Gasoline prices in Israel will reach a record 8.27 shekels per liter.
- The price hike is driven by global fuel costs and a stronger dollar.
- A recent 50-agora tax cut failed to prevent the record high.
- The new price takes effect Wednesday night.
- Full-service refueling will cost an additional 26 agorot.
The price of gasoline in Israel is set to reach a new historical record, climbing by 52 agorot per liter to 8.27 shekels for self-service 95-octane fuel starting Wednesday night. This new price surpasses the previous record of 8.25 shekels per liter. The Ministry of Energy and Infrastructure confirmed the increase, attributing it to a roughly 13% rise in international gasoline prices and a 3% strengthening of the U.S. dollar against the Israeli shekel.
Global oil prices have surged due to concerns over supply disruptions and the stability of the international energy market. The currency exchange rate also played a significant role in the final cost of fuel in Israel.
This record price hike occurs despite a 50-agora per liter excise tax reduction implemented on September 7th, which was intended to curb rising fuel costs. The government's measure, estimated to cost the state budget around 300 million shekels, was set to remain in effect until the end of October. However, the tax reduction has only partially offset the impact of global price increases and currency fluctuations.
The additional fee for full-service refueling will remain unchanged at 26 agorot per liter, bringing the maximum price for 95-octane gasoline to 8.53 shekels when serviced by an attendant.
