Israel to Cut Fuel Prices by Half Shekel After Record Highs
Translated & summarized from Kipa by baba
The story in 5 lines · by baba
- Fuel prices in Israel to decrease by 0.50 shekels per liter.
- The reduction follows a record high price of 8.27 shekels per liter.
- The decision awaits public comment before final approval.
- Global factors like oil prices and geopolitical tensions are cited for hikes.
- This is the second consecutive monthly fuel price reduction.
Israel's Ministry of Finance announced on Thursday that the legal counsel has determined there are no objections to the Finance Minister, Bezalel Smotrich, approving a reduction in gasoline prices for the upcoming month. Smotrich intends to sign off on a 0.50 shekel per liter discount for one month, pending public feedback. This planned reduction follows a similar 0.50 shekel cut implemented the previous month.
The move comes after the price of gasoline surged by 0.52 shekels, bringing the cost of a liter of 95-octane self-service gasoline to a record high of 8.27 shekels, surpassing the previous record of 8.25 shekels.
The recent price hikes are attributed to global increases in oil prices, influenced by tensions with Iran, disruptions by the Houthis in the Bab al-Mandab strait, and the ongoing war between Russia and Ukraine. The Ministry of Energy explained that the price increase stems from a roughly 13% rise in international gasoline prices, coupled with a nearly 3% strengthening of the dollar against the shekel.
Earlier this month, excise duty on fuel was reduced by 0.50 shekels per liter, an initiative estimated to cost the economy approximately 300 million shekels. Following the announcement of the record fuel prices, Smotrich convened a meeting with Ministry of Finance officials to explore options for mitigating the full price increase. With the legal clearance now obtained, the additional discount is expected to proceed after the necessary administrative steps are completed.
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