Israel Fuel Prices Set for Dramatic Drop After Record High
Translated & summarized from Ice by baba
The story in 5 lines · by baba
- Israel's fuel prices were expected to hit a historic high.
- A dramatic reversal now points to a significant price reduction.
- The Finance Minister plans to cut gasoline prices by NIS 0.50.
- The reduction is pending the Attorney General's approval.
- This follows a similar price cut approved last month.
The price of gasoline in Israel was slated to increase significantly, reaching an all-time historical high, but a dramatic reversal is now expected. The Ministry of Energy and Infrastructure had announced that the maximum price for a liter of 95-octane unleaded gasoline would be set at NIS 8.27, an increase of NIS 0.52 from the previous update. This would have marked the highest price ever for fuel in the country, with an additional NIS 0.26 for full-service stations.
However, a significant development has emerged from the Ministry of Finance. The legal counsel for the Finance Ministry has stated that there is no impediment for the Finance Minister, Bezalel Smotrich, to approve a reduction in gasoline prices for the upcoming month. This decision is now awaiting the opinion of the Attorney General.
Minister Smotrich intends to sign an order reducing the price of gasoline by NIS 0.50 per liter for one month, pending public review of the proposed order. This anticipated reduction would follow a similar NIS 0.50 cut that Smotrich approved the previous month. The initial price hike would have placed an additional burden on Israeli drivers.
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