Fuel Prices May Approach NIS 9 Per Liter as November Tariffs Loom
Translated & summarized from TheMarker by baba
Israel's Ministry of Energy will announce two gasoline price tariffs for November because a tax reduction order expires mid-month. The excise tax reduction, costing the state NIS 360 million monthly, is set to end on November 4th. Finance Minister Bezalel Smotrich might seek to extend the tax cut for political reasons.
The story in 4 lines · by baba
- Two different gasoline prices will be set for November due to a tax reduction order expiring mid-month.
- The current excise tax reduction costs the state treasury NIS 360 million per month.
- The tax reduction order expires on November 4th, impacting the November fuel price.
- Finance Minister Bezalel Smotrich may try to extend the tax reduction for political reasons.
The Ministry of Energy is set to announce two different gasoline price tariffs for November, a departure from the usual single monthly rate. This unusual step is due to the excise tax reduction order, signed by Finance Minister Bezalel Smotrich, expiring on November 4th, rather than at the start of the month. Consequently, one price will be effective from November 1st, and a second, likely higher, price will take effect from November 4th onwards.
Finance Minister Smotrich may attempt to extend the current tax reduction for political reasons. This reduction costs the state treasury approximately NIS 360 million per month in lost revenue.
