Israel Considers Fuel Price Cut Amid Record Highs
Translated & summarized from i24NEWS by baba
The story in 5 lines · by baba
- Fuel prices in Israel hit a record high of NIS 8.27 per liter.
- Finance Minister Smotrich proposes a 50 agorot per liter fuel price cut.
- The reduction would be achieved by lowering excise taxes on fuel.
- The Finance Ministry's legal counsel found no objection to the cut.
- The Attorney General's opinion is now required before publication.
Fuel prices in Israel reached an all-time high of NIS 8.27 per liter for self-service on Thursday, a 52 agorot increase from the previous update, attributed to the global energy crisis. In response to the sharp rise, Finance Minister Bezalel Smotrich directed his ministry to prepare for further fuel subsidies, despite professional staff recommendations against it. However, the legal counsel within the Finance Ministry has indicated no objection to the minister signing off on a reduction in gasoline prices for the upcoming month.
Smotrich intends to implement a 50 agorot per liter reduction for gasoline for one month by lowering the excise tax, which is levied on polluting materials like fuels, tobacco, and alcohol. This proposed reduction follows a similar 50 agorot cut that the minister approved last month.
The next step involves the Attorney General providing her opinion on the matter. Following her assessment, the decree for the price reduction can be published for public comment. This potential decrease would add to the previous 50 agorot reduction.
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