Israel to Cut Fuel Prices by Half a Shekel Per Liter
Translated & summarized from Globes by baba
The story in 5 lines · by baba
- Fuel prices in Israel will drop by 0.50 shekels per liter tonight.
- The reduction brings the price to 7.77 shekels per liter.
- The government is further subsidizing the fuel excise tax.
- This follows a previous price reduction and a record high last week.
- The October subsidy is estimated to cost 175 million shekels.
Israel will reduce fuel prices by an additional half a shekel per liter starting at midnight, following a similar reduction last month. Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich agreed to the cut, which will lower the price from 8.27 shekels to 7.77 shekels per liter. This measure involves further subsidizing the excise tax on fuel, a step approved by the Attorney General and the Finance Ministry's legal advisor. The decision comes after fuel prices reached a record high of 8.27 shekels per liter last Thursday. The government stated that while global fuel prices are rising, they are working to prevent a similar surge in Israel, also noting that electricity prices remain among the lowest in the West due to gas field development and competition in electricity production. This latest subsidy, costing the state 175 million shekels for October, adds to a previous subsidy of 268 million shekels. Critics point out that the price reduction, while presented as a concern for citizens, will be felt after the upcoming elections and is funded by the state treasury.
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