Fuel Prices to Drop by Half a Shekel Amid Tax Cut
Translated & summarized from 0404 by baba
The story in 6 lines · by baba
- Fuel prices to fall to NIS 7.77 per liter starting Sunday night.
- The reduction is due to a cut in excise duty on fuel.
- Finance Minister Smotrich is expected to sign the order.
- Professional officials at the Finance Ministry opposed the cut.
- The tax reduction costs the state an estimated NIS 300 million monthly.
- Prices may rise significantly next month without further intervention.
The price of gasoline in Israel is set to decrease by half a shekel at midnight Sunday, bringing the cost of 95-octane unleaded fuel to NIS 7.77 per liter. This reduction, which will push the price back below the NIS 8 threshold, is due to a further cut in excise duty. Finance Minister Bezalel Smotrich is expected to sign the order enabling the price drop during the day. The measure is being implemented despite opposition from professional officials within the Finance Ministry, who argued that the state needs tax revenues to fund war expenses. The cost of the excise duty reduction is estimated at approximately NIS 300 million per month. This latest cut follows a similar reduction of half a shekel implemented last month. Without further decisions, excise duty is projected to increase by one shekel next month, potentially raising the price of fuel close to NIS 9 per liter.
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