Israel's Fuel Prices Set to Rise Despite Government Intervention
Translated & summarized from Walla by baba
Israeli gasoline prices are expected to reach NIS 8.30 per liter this weekend, a significant increase despite Finance Minister Bezalel Smotrich's efforts. Smotrich previously reduced the fuel tax by NIS 1, costing the state NIS 326 million monthly, and plans to extend this relief. The price hike is driven by rising oil costs and geopolitical factors.
The story in 5 lines · by baba
- Gasoline prices in Israel will rise to approximately NIS 8.30 per liter this weekend.
- Finance Minister Bezalel Smotrich previously reduced the fuel tax by NIS 1 per liter.
- The tax reduction has cost the state budget NIS 326 million per month.
- Smotrich plans to extend the tax relief for another month.
- Rising global oil prices and geopolitical tensions are contributing to the increase.
Despite intervention by Finance Minister Bezalel Smotrich, gasoline prices in Israel are expected to increase, though not to the previously feared NIS 9 per liter. Starting this weekend, a liter of gasoline will cost approximately NIS 8.30, marking one of the highest prices ever recorded in the country. Currently, the price stands at NIS 7.77 per liter, following Smotrich's temporary reduction of the gasoline tax by NIS 1, a measure costing the state budget NIS 326 million per month.
The final price for the upcoming weekend will be announced later today by the Fuel Authority in the Ministry of Energy. The increase is attributed to rising global oil prices, anticipation of further conflict in Iran, and a strengthening dollar following election results. The tax reduction is currently in effect until November 3rd.
Minister Smotrich plans to convene a meeting today to discuss and approve an extension of this tax benefit for an additional month. This would prolong the measure into a third consecutive month, increasing the total cost to the state budget to approximately NIS 800 million. The initial tax reduction had been NIS 0.50 per liter.
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