Israel to Cut Fuel Prices by Reducing Excise Tax
Translated & summarized from Cursorinfo by baba
The story in 5 lines · by baba
- Gasoline prices in Israel will decrease by 50 agorot per liter.
- The price reduction is due to a cut in the excise tax on fuel.
- The new price will be 7.77 shekels per liter, down from 8.27.
- The measure is temporary, expected to last about a month.
- Prime Minister Netanyahu and Finance Minister Smotrich agreed to the change.
Israeli Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich have agreed to reduce gasoline prices in the near future by lowering the excise tax. This measure is intended to offset the rise in global fuel prices and prevent a similar increase within Israel. The reduction, formalized by Smotrich's order, will take effect on the night of October 4-5. Following the tax adjustment, the price of gasoline in Israel will drop from 8.27 to 7.77 shekels per liter, a decrease of 50 agorot. Netanyahu and Smotrich stated that this action aims to mitigate the impact of global fuel price hikes on the Israeli market.
The leaders also discussed the cost of electricity in Israel, linking it to the expansion of gas field development and increased competition among electricity producers. They emphasized that due to these advancements, electricity in Israel remains among the cheapest in Western countries. "Israel's economy is breaking records. We will continue to manage it responsibly," a statement read.
Previously, reports indicated that gasoline prices in Israel might decrease by another 50 agorot per liter as early as the following week. This measure is expected to be temporary, lasting for approximately one month, extending until a few days after the upcoming elections.
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