Israel to Cut Fuel Prices by 50 Agorot Per Liter Amid Record Highs
Translated & summarized from Channel 13 by baba
The story in 5 lines · by baba
- Israel will cut fuel prices by 50 agorot per liter for one month.
- The reduction follows a record high in gasoline prices.
- Finance Minister Bezalel Smotrich proposed the subsidy.
- The measure aims to curb inflation and boost economic growth.
- Previous opposition from ministry professionals was reported.
Following a record-setting surge in fuel prices overnight, the Israeli Ministry of Finance announced Thursday its intention to implement a 50 agorot per liter reduction in gasoline prices for one month. The measure, proposed by Finance Minister Bezalel Smotrich, is pending public review and the final approval of the Attorney General. The legal counsel within the Finance Ministry has indicated no objection to the proposed subsidy.
Smotrich had previously announced on Tuesday his directive for ministry professionals to prepare for additional fuel subsidies, aiming to curb consumer price hikes driven by the global energy crisis. He stated that the reduction is intended to stimulate economic growth, maintain price stability, and prevent inflation across various sectors of the Israeli economy.
This anticipated discount will be in addition to a previous 50 agorot per liter reduction approved last month. Reports from Channel 13 news indicated that professionals within the Finance Ministry had initially opposed Smotrich's plan, citing concerns about potential budget overruns and the inefficient use of subsidized fuel.
Read the original at Channel 13
