Fuel Prices to Drop by Half a Shekel Per Liter
Translated & summarized from Haaretz by baba
The story in 6 lines · by baba
- Gasoline prices to decrease by 50 agorot per liter to 7.77 shekels.
- The reduction is due to a cut in the fuel excise tax.
- The new price is effective for one month, until early November.
- The total excise tax reduction now amounts to one shekel per liter.
- Internal Ministry of Finance departments opposed the tax cut.
- Opponents cited concerns over budget deficit and negative environmental impact.
The price of gasoline in Israel will decrease by 50 agorot per liter at self-service stations starting at midnight on Monday, falling from 8.27 shekels to 7.77 shekels. This reduction follows a recent increase and is a result of an order signed by the Minister of Finance, Bezalel Smotrich, to lower the excise tax on fuel. The new price is set for one month, until early November. This latest tax cut, following a 50 agorot reduction in September, brings the total excise tax decrease to one shekel per liter, amounting to a monthly cost of 300 million shekels for the state. Despite the price drop, professional departments within the Ministry of Finance, including the Budget Division, the Chief Economist's office, and the Tax Authority, opposed the measure. These departments argued that the excise tax serves positive purposes by discouraging polluting consumption and contributing to state revenue. They warned that reducing it during a period of deep budget deficit would exacerbate the deficit and necessitate increases in other, more impactful taxes.
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