Israel Cuts Fuel Prices by Half a Shekel Per Liter
Translated & summarized from Hamal by baba
The story in 5 lines · by baba
- Fuel prices in Israel will decrease by 0.50 shekels per liter starting Sunday night.
- The reduction is due to a cut in the fuel excise tax by the Finance Minister.
- The price will drop from 8.27 shekels to 7.77 shekels per liter for 95-octane gasoline.
- The move counters recent record-high prices driven by global market increases.
- The Attorney General provided legal approval for the tax reduction.
Effective midnight Sunday, a decree signed by Finance Minister Bezalel Smotrich, in agreement with Prime Minister Benjamin Netanyahu, will reduce the price of a liter of 95-octane gasoline from 8.27 shekels to 7.77 shekels. This price cut is achieved by lowering the fuel excise tax. "While fuel prices are soaring around the world, we are ensuring they do not skyrocket in Israel," stated Netanyahu and Smotrich. They also highlighted that Israel's electricity prices remain among the lowest in the West due to the development of gas reserves and the promotion of competition in electricity production, attributing this to their "insistence." The Prime Minister and Finance Minister added that the Israeli economy is breaking records and they will continue to manage it responsibly.
The decree's signing and upcoming implementation follow legal approval from Attorney General Gali Baharav-Miara on Thursday. This legal green light was necessary because it marks the second tax reduction within a short period and during an election campaign, a situation considered particularly sensitive. The measure aims to reverse a recent surge in fuel prices, which had reached an all-time high of 8.27 shekels per liter at self-service stations. This increase was driven by a roughly 13% rise in international gasoline prices and a nearly 3% strengthening of the dollar, which completely negated a previous tax reduction. The new decree, in effect for the next month, will restore the price to 7.77 shekels per liter.
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