Fuel Prices to Drop by 42 Agorot, Then Potentially Soar
Translated & summarized from Calcalist by baba
Gasoline prices in Israel will fall by 42 agorot per liter on November 1st, reaching NIS 7.35. This reduction is due to lower international prices and a VAT decrease. However, prices could rise by a full shekel to NIS 8.35 on November 5th if a temporary excise tax cut is not extended.
The story in 5 lines · by baba
- Fuel prices will drop by 42 agorot per liter on November 1st.
- The new maximum price for 95-octane gasoline will be NIS 7.35 per liter.
- The price reduction is mainly due to a 13.2% fall in international gasoline prices.
- Prices could increase by a full shekel to NIS 8.35 on November 5th.
- The potential price hike is contingent on the expiration of a temporary excise tax reduction.
The price of gasoline in Israel is set to decrease by 42 agorot per liter starting Sunday, November 1st. The maximum price for a liter of 95-octane self-service gasoline will be NIS 7.35, down from NIS 7.77, a 5.4% reduction. This decrease is primarily attributed to a roughly 13.2% drop in international gasoline prices, partially offset by a 2% strengthening of the dollar against the shekel. The international price reduction accounts for 36 agorot of the decrease, with an additional six agorot coming from a reduction in Value Added Tax (VAT).
However, this price drop may be short-lived. If the temporary order reducing excise tax on fuel is not extended, the price is expected to jump by a full shekel to NIS 8.35 per liter on November 5th. Currently, excise tax constitutes about 38% of the gasoline price, amounting to NIS 2.81 per liter, with VAT adding another NIS 1.12. Together, these taxes make up approximately 53% of the consumer price before the potential expiration of the excise tax reduction.
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