Israel Considers Fuel Subsidy to Offset Price Hike
Translated & summarized from Kipa by baba
Israeli Finance Minister Bezalel Smotrich is considering additional subsidies for gasoline to prevent a significant price increase for consumers, amid global energy market volatility. The price of gasoline was set to rise by 52 agorot per liter.
The story in 4 lines · by baba
- Israel may subsidize gasoline to prevent a price hike.
- Fuel prices were expected to rise by 52 agorot per liter.
- The move comes amid global energy market instability.
- Finance Minister Smotrich is exploring mitigation options.
Israeli Finance Minister Bezalel Smotrich held a meeting with senior officials from the Finance Ministry on Tuesday to address an anticipated rise in fuel prices. The price of a liter of 95-octane gasoline at self-service stations was expected to increase by 52 agorot, reaching 8.27 shekels.
During the meeting, officials explored measures to prevent the full extent of the anticipated price increase. One possibility considered was a partial reduction in the price, following a 50 agorot per liter reduction in excise duty at the beginning of the month.
Following the discussions, Smotrich announced that he had instructed ministry professionals to prepare for an additional subsidy on gasoline prices. This move aims to curb the price surge for consumers amidst the global energy crisis.
The initiative comes in light of the projected increase in gasoline costs, with the Finance Ministry examining its available options. Smotrich is keen to explore ways to mitigate the rise in fuel prices, though no final decision has been made at this stage.
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