Israel Considers Second Fuel Tax Cut to Curb Rising Gas Prices
Translated & summarized from Panet by baba
Israel's Finance Minister is considering a second fuel tax cut to prevent record-high gasoline prices, driven by global oil market volatility and regional tensions. The price was set to increase significantly this week.
The story in 5 lines · by baba
- Finance Minister Smotrich may cut fuel tax again to stop price surge.
- Gasoline prices were slated to hit a record high this week.
- A previous tax cut was implemented earlier this month.
- Global oil markets and Middle East tensions are cited as causes.
- The price increase affects both self-service and full-service pumps.
Israeli Finance Minister Bezalel Smotrich met with senior ministry officials on Tuesday to discuss a potential reduction in the "blue" tax on fuel. The move aims to prevent a sharp increase in gasoline prices, which were set to reach a record high.
Sources close to the Finance Minister indicated that a second consecutive tax cut is considered beneficial for stimulating the Israeli economy. Smotrich had previously ordered a 0.5 shekel per liter tax reduction for two months, extending beyond the Knesset elections scheduled for October 27, 2026.
The Ministry of Energy and Infrastructure announced that as of Thursday midnight, the price of 95-octane gasoline would rise by 52 agorot to 8.27 shekels per liter for self-service. An additional 26 agorot per liter would be added for full-service pumps.
The Ministry's Fuel and Gas Department attributed the price hike to global oil market fluctuations, exacerbated by regional tensions in the Middle East, including sanctions on Iran and the closure of the Strait of Hormuz.
Mentioned
The same event, reported separately by each outlet. Open a few to compare what different newsrooms emphasize — and what they leave out.
Centre 2Right 4Haredi 1Arab 1Other 2
