Israel's Finance Ministry Seeks to Prevent Fuel Price Surge
Translated & summarized from Ynet by baba
Israel's Ministry of Finance is considering extending a tax reduction on fuel to prevent prices from nearing nine shekels per liter. Minister of Finance Bezalel Smotrich discussed the measure, which has already cost nearly half a billion shekels. A full one-shekel reduction would cost an additional 300 million shekels, while a half-shekel cut would cost 150 million shekels.
The story in 5 lines · by baba
- Israel's Finance Ministry is trying to prevent fuel prices from rising to nearly nine shekels per liter.
- A tax reduction on fuel is likely to be extended into next week, possibly by half a shekel.
- Minister of Finance Bezalel Smotrich discussed extending the fuel price reduction with officials.
- The current tax reduction has cost the state budget nearly half a billion shekels.
- A full one-shekel tax reduction would cost an additional 300 million shekels.
Israel's Ministry of Finance is working to prevent a significant increase in fuel prices, which could push the cost of gasoline to nearly nine shekels per liter. The current tax reduction on fuel is expected to continue into next week, though the ministry is considering reducing the tax by only half a shekel instead of a full shekel due to the high cost of the measure.
Minister of Finance Bezalel Smotrich met with senior Finance Ministry officials on Wednesday to discuss extending the fuel price reduction into November. Without intervention, the price of gasoline was projected to rise to approximately 8.90 shekels per liter by November 4, driven by rising global oil prices and a strengthening dollar, which reached about 3.10 shekels. The current tax reduction, which has been in effect since early October, has capped the price of self-service 95-octane gasoline at 7.77 shekels per liter, preventing it from reaching a record high of 8.77 shekels.
Smotrich requested an examination of the expected price changes, the global fuel market situation, and the available budget for extending the tax reduction, either fully or partially. The existing tax reduction has already cost the state budget nearly half a billion shekels. Extending the full one-shekel reduction for another month would cost approximately 300 million shekels, while a half-shekel reduction would cost the state 150 million shekels.
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