Israel to Lower Fuel Prices by Halving Excise Tax
Translated & summarized from Makor Rishon by baba
The story in 5 lines · by baba
- Fuel prices in Israel will drop to NIS 7.77 per liter starting Sunday.
- The reduction is achieved by halving the excise tax on fuel.
- The Finance Ministry's request was approved by the Attorney General.
- The state expects to lose NIS 155 million in monthly tax revenue.
- Public comments on the draft order are due by Sunday afternoon.
Following all necessary legal approvals, including from the Attorney General, Israel's Ministry of Finance published a draft order on Thursday to reduce the excise tax on fuel. The public has until Sunday at 2:00 PM to submit comments. If no exceptions occur, the price of fuel will drop to NIS 7.77 per liter starting Sunday, down from NIS 8.27. This reduction comes after the Attorney General approved the Finance Ministry's request to absorb the price increase through the excise tax, a measure also taken last month. The state's expected revenue loss from this excise tax reduction is estimated at NIS 155 million per month. This monthly loss is in addition to the NIS 282 million revenue loss from the previous reduction, bringing the total revenue loss from two months of reductions to NIS 437 million.
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