Israel Cuts Fuel Tax by 50 Agorot Per Liter Amid Price Surge
Translated & summarized from Al-Shams by baba
The story in 5 lines · by baba
- Fuel tax cut by 50 agorot per liter for one month.
- New maximum price for 95-octane gasoline is 7.77 shekels.
- Price hike to 8.27 shekels was due to global oil and dollar increases.
- Total temporary price reduction reaches one shekel per liter.
- Government estimates the tax cut will cost 150 million shekels.
Israel's government has approved a further reduction in excise tax on gasoline by 50 agorot per liter for one month. This decision follows a record surge in the price of 95-octane gasoline, which reached 8.27 shekels per liter at the beginning of October. The new measure, effective from midnight Sunday to Monday, will bring the maximum self-service price down to approximately 7.77 shekels per liter. The price adjustment is set to remain in effect until the next scheduled update at the start of November.
The recent price hike saw gasoline jump by 52 agorot, from 7.75 to 8.27 shekels, due to a roughly 13% increase in global oil prices and a 3% rise in the dollar's exchange rate. This latest tax cut, combined with a previous reduction of 50 agorot implemented in September, amounts to a total temporary decrease of one shekel per liter. The Ministry of Finance estimates the cost of this new tax reduction to the state treasury at approximately 150 million shekels for the month.
The final price for November will again be determined by global fuel prices, the dollar exchange rate, and any government decisions regarding the extension of the excise tax reduction.
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