Israel Cuts Fuel Prices by Half a Shekel Per Liter Amid Public Outcry
Translated & summarized from N12 by baba
The story in 5 lines · by baba
- Fuel prices in Israel decreased by 0.50 shekels per liter.
- The new price for a liter of gasoline is 7.77 shekels.
- The reduction follows a record high price of 8.27 shekels.
- The government is subsidizing the price reduction.
- Subsidies are expected to cost taxpayers over 300 million shekels.
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 was made after the price of a liter of 95-octane gasoline reached a record high of 8.27 shekels on Wednesday night. The previous record was 8.25 shekels per liter. The Ministry of Energy attributed the price increase to a roughly 13% rise in international gasoline prices, driven by increasing oil costs and concerns about global energy supply stability, compounded by a approximately 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. Therefore, a 50 agorot reduction will cost approximately 150 million shekels, 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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