Fuel Prices to Drop as Government Approves Further Tax Cut
Translated & summarized from Now 14 by baba
The story in 5 lines · by baba
- Fuel prices in Israel will decrease by 50 agorot per liter next week.
- The price of gasoline will fall to 7.77 shekels per liter.
- The tax reduction is approved for one month, until early November.
- This follows a previous 50 agorot tax cut implemented in September.
- The total tax reduction amounts to one shekel per liter.
Israel's fuel prices are set to decrease next week following the final approval of an additional 50 agorot per liter reduction in excise tax on gasoline. The decision, greenlit by Attorney General Gali Baharav-Miara at the request of Finance Minister Bezalel Smotrich, will bring the price of a liter of gasoline down from 8.27 shekels to 7.77 shekels.
This latest tax cut is slated to take effect at the beginning of next week and will remain in place for one month, until early November. The move aims to prevent the price fluctuations seen in previous months, where fuel prices would rise before a subsequent reduction. The Ministry of Finance will have the opportunity to decide whether to extend the tax reduction for November before the monthly price update.
This new reduction follows a similar 50 agorot cut implemented at the start of September. The combined tax reductions now amount to a full shekel per liter, with an estimated monthly cost to the state treasury of approximately 300 million shekels.
Read the original at Now 14
