Israel Cuts Fuel Tax, Slashing Gas Prices by Half a Shekel
Translated & summarized from Arutz Sheva by baba
The story in 5 lines · by baba
- Fuel excise tax cut lowers gasoline price by 50 agorot per liter.
- New price of 7.77 shekels per liter takes effect at midnight.
- Measure aims to prevent price increases due to global market trends.
- Finance Minister Smotrich signed the order after agreement with PM Netanyahu.
- Government also cited gas reserves and competition for low electricity prices.
Israel's Finance Minister Bezalel Smotrich signed an order reducing the excise tax on fuel, which will lower the price of a liter of 95-octane gasoline by 50 agorot (half a shekel). The price will drop from 8.27 shekels to 7.77 shekels per liter starting at midnight. The decision was made following an agreement between Smotrich and Prime Minister Benjamin Netanyahu. In a joint statement, Netanyahu and Smotrich cited rising global fuel prices as the reason for the tax cut, stating the measure aims to prevent a similar price surge in Israel. They also commented on electricity prices, attributing their relatively low cost in the West to the government's policy of developing gas reserves and increasing competition in electricity production. The Prime Minister and Finance Minister asserted that Israel's economy is breaking records and pledged to continue managing it responsibly.
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