Israel Cuts Fuel Tax, Bringing Gas Prices Down
Translated & summarized from NEWSru Israel by baba
The story in 5 lines · by baba
- Gasoline prices in Israel dropped by 50 agorot to 7.77 shekels per liter.
- The reduction is due to a further cut in the excise tax by the Finance Minister.
- The price cut follows a record high gasoline price the day before.
- The measure is seen by media as having electoral motivations.
- The tax reduction is temporary and set to expire after the elections.
Effective Monday, October 5, Israel implemented a reduction in its gasoline excise tax, lowering the maximum price for a liter of 95-octane gasoline at self-service stations by 50 agorot, from 8.27 shekels to 7.77 shekels. An additional charge of 26 agorot per liter applies for full-service refueling. In Eilat, the maximum price for self-service gasoline decreased by 43 agorot to 6.58 shekels per liter, with full-service costing an extra 22 agorot. This price drop was enabled by an order signed by Finance Minister Bezalel Smotrich to further reduce the excise tax. The previous day, gasoline in Israel had reached a record high of 8.27 shekels per liter. This follows a previous 50-agorot excise tax reduction in September, also initiated by Smotrich. Israeli economic media outlets have suggested the measure has an electoral motive, as the temporary tax reduction is set to expire at the end of October, shortly after the elections. Professional staff within the Ministry of Finance reportedly opposed this additional tax cut.
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