Israel Cuts Fuel Prices by Half a Shekel Per Liter Amid Public Outcry
Translated & summarized from Mako by baba
The story in 5 lines · by baba
- Fuel prices in Israel reduced by 0.50 shekels per liter.
- New price for a liter of gasoline is 7.77 shekels.
- Reduction follows a record high price of 8.27 shekels.
- Government cites public criticism and international market factors.
- Subsidy is expected to cost the economy tens of millions.
Following a recent surge in fuel prices and public criticism, Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich announced a reduction of half a shekel per liter, effective immediately. The price of a liter of gasoline will now be 7.77 shekels, down from 8.27 shekels. This measure is expected to cost the economy millions of shekels.
The decision to lower the excise tax on fuel comes after the price of a liter of 95-octane gasoline reached a record high of 8.27 shekels between Wednesday and Thursday. The Ministry of Energy attributed the previous price hike to a roughly 13% increase in international gasoline prices, driven by rising oil costs and concerns over supply stability, compounded by a 3% strengthening of the dollar against the shekel.
Last week, the Attorney General approved a subsidy of 50 agorot per liter for gasoline for October. This subsidy is estimated to cost the state tens of millions of shekels, with each 10 agorot reduction costing the state 30 million shekels, meaning the 50 agorot cut will cost approximately 150 million shekels. This is in addition to 155 million shekels already subsidized. The total subsidy for the increase in gasoline prices in the two months preceding the election is projected to exceed 300 million shekels for taxpayers.
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