Israel Fuel Prices Hit Record High in October
Translated & summarized from Cursorinfo by baba
The story in 5 lines · by baba
- Israeli fuel prices hit a historic high of 8.27 shekels per liter on October 1st.
- The price increase is attributed to global oil market trends and currency exchange rates.
- A previous excise tax reduction expired, contributing to the new surge.
- New subsidy mechanisms are being developed but were not ready in time.
- Eilat remains exempt from VAT, with prices reaching 7.01 shekels.
Israeli motorists are facing a new financial challenge as fuel prices reached an all-time high on October 1st. The cost of 95-octane gasoline at self-service stations surged by 52 agorot, reaching 8.27 shekels per liter, a historic peak for the country. The additional charge for full-service stations remains at 26 agorot per liter. In Eilat, the duty-free zone, the maximum price rose to 7.01 shekels per liter.
This price hike follows a previous attempt by Finance Minister Bezalel Smotrich in early September to curb rising costs. At that time, the fuel excise tax was temporarily reduced by 50 agorot per liter, stabilizing prices at 7.75 shekels. However, that measure expired, and the new increase necessitated further action.
Smotrich had instructed the Ministry of Finance to develop additional subsidy mechanisms to control future price surges, but these measures were not implemented before the October 1st deadline. The primary drivers behind the significant price increase are external factors, including the global rise in oil prices on international markets and fluctuations in the national currency's exchange rate against major world currencies.
Read the original at Cursorinfo
