Fuel Prices to Drop by 42 Agorot, But May Surge Without Tax Extension
Translated & summarized from Behadrei Haredim by baba
Fuel prices in Israel will decrease by 42 agorot to 7.35 shekels per liter starting Sunday. However, prices could rise by 1 shekel to 8.35 shekels if tax reduction orders, set to expire November 4th, are not extended. The Finance Ministry is seeking to extend these orders, which would reduce state tax revenues by about 300 million shekels monthly. This follows a previous 50 agorot reduction implemented despite budgetary concerns.
The story in 6 lines · by baba
- Fuel prices will drop by 42 agorot to 7.35 shekels per liter starting Sunday.
- Prices may surge by 1 shekel to 8.35 shekels if tax reduction orders expire November 4th.
- The Finance Ministry seeks to extend tax reduction orders signed by Minister Bezalel Smotrich.
- Extending the orders is expected to cost the state 300 million shekels monthly in lost revenue.
- A previous 50 agorot fuel price reduction faced budgetary warnings.
- The surcharge for full service at gas stations remains 26 agorot per liter.
The price of fuel in Israel is set to decrease by 42 agorot per liter, bringing the cost to 7.35 shekels, effective Sunday morning. This reduction follows a previous drop of half a shekel earlier this month. However, this relief may be short-lived. If the tax reduction order is not extended, the maximum price could jump to 8.35 shekels per liter starting November 5th. The Ministry of Finance is working to extend the orders, initially signed by Finance Minister Bezalel Smotrich for two months prior to the elections, which aimed to lower fuel taxes. These orders are set to expire on November 4th, and their expiration would cause a 1 shekel per liter increase. Extending the tax reduction is expected to cost the state approximately 300 million shekels per month in lost tax revenue. According to Kan News, the legal basis for extending these orders after the elections is anticipated to be sound. The previous tax reduction, which cost the state about 150 million shekels in lost revenue, was implemented despite warnings from professional staff within the Finance Ministry about budgetary shortages. The additional charge for full service at gas stations will remain unchanged at 26 agorot per liter, including VAT.
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