Fuel Tax Cuts May End, Pushing Gas Prices Towards 9 Shekels
Translated & summarized from Panet by baba
Gasoline prices in Israel may soon reach 9 shekels per liter if Finance Minister Bezalel Smotrich does not extend current fuel tax reductions after the elections. This is due to rising global oil prices and a strengthening dollar, which have already pushed prices to record highs. Experts warn that without continued tax relief, prices could hit unprecedented levels.
The story in 5 lines · by baba
- Gasoline prices in Israel could reach 9 shekels per liter soon.
- Finance Minister Bezalel Smotrich must sign an order to extend fuel tax cuts.
- Rising global oil prices and a stronger dollar are contributing factors.
- Gasoline previously hit a record 8.25 shekels per liter in September.
- Dr. Amit Mor warned prices could reach 8.77 shekels without tax relief.
Israeli gasoline prices are projected to approach 9 shekels per liter in the coming days if Finance Minister Bezalel Smotrich does not extend current fuel tax reductions after the upcoming elections. This potential price hike is compounded by rising global oil prices and a strengthening dollar.
In response to a previous surge in September, which saw gasoline reach a record 8.25 shekels per liter, the Finance Ministry implemented a half-shekel tax reduction. However, this measure is set to expire, and without Smotrich's signature to extend it, consumers face significantly higher costs.
Dr. Amit Mor, Director General of Eco Energy, warned that the price could reach 8.77 shekels per liter if the tax relief is not continued. He noted that further tax reductions might be necessary to prevent prices from hitting unprecedented levels.
Mor explained that next week's developments will be critical, as they involve the measurements used to set fuel prices. He added that continued increases in oil prices, coupled with a stable or rising dollar, could push the price of gasoline close to the 9-shekel mark.
