Fuel Prices to Drop by 50 Agorot Per Liter on Sunday
Translated & summarized from Walla by baba
The story in 5 lines · by baba
- Fuel prices will decrease by 50 agorot per liter on Sunday.
- The reduction follows a recent record high price for gasoline.
- Global oil prices and a stronger dollar caused the previous price surge.
- The Attorney General approved the necessary tax reduction.
- This is the second such price cut in a short period.
The fuel price in Israel is set to decrease by 50 agorot per liter starting Sunday night, following approval from the Attorney General, Gali Baharav-Miara. This reduction comes after the price of 95-octane gasoline reached an all-time high of 8.27 shekels per liter for self-service on Thursday night. The price hike was attributed to a global surge in oil prices and a strengthening dollar, which erased previous tax reductions.
The legal approval, granted on Thursday, paves the way for the Ministry of Finance to issue the necessary order. The official decree will be published for public comment, after which the Finance Minister can sign it. This marks the second tax reduction within a short period, particularly sensitive during an election season. Last month, an exceptional legal approval allowed for a 50 agorot reduction.
Finance Minister Bezalel Smotrich sought to repeat the measure after the latest price increase nullified the previous discount. According to the Ministry of Energy, international gasoline prices rose approximately 13% during the calculation period, while the dollar strengthened by about 3%. These factors directly influence Israel's regulated fuel pricing formula, leading to the significant increase that took effect at midnight.
Drivers will continue to pay the record high price until Sunday, when the new, lower price of approximately 7.77 shekels per liter for self-service will take effect for the next month.
Read the original at Walla
