Fuel Prices to Drop Slightly in November After Tax Reduction
Translated & summarized from TheMarker by baba
Israel's Finance Minister Bezalel Smotrich signed a decree reducing excise tax on gasoline by 50 agorot per liter, effective November 5. This will set the price at 7.85 shekels, though a lower price of 7.35 shekels will apply from November 1-4 due to a prior, larger tax cut. The reduction is a response to rising global refining margins and will cost the state about 180 million shekels monthly.
The story in 5 lines · by baba
- Fuel prices in Israel will decrease by 50 agorot per liter starting November 5.
- The new price for a liter of gasoline will be 7.85 shekels.
- A temporary price of 7.35 shekels will be in effect from November 1 to 4.
- Finance Minister Bezalel Smotrich signed the decree to reduce excise tax.
- The tax reduction is expected to cost the state 180 million shekels per month.
The Israeli Ministry of Finance announced a decree to reduce excise tax on gasoline, which will lower the price of a liter of fuel by 50 agorot starting November 5. The price will then stand at 7.85 shekels per liter, compared to 7.77 shekels in October. However, the price from November 1 to 4 will be 7.35 shekels per liter, due to an existing tax reduction decree that has been in effect since early October, totaling a 1 shekel reduction. This lower price is temporary, as the decree is set to expire on November 4. Without the tax reduction, the price was projected to rise to 8.35 shekels per liter. Finance Minister Bezalel Smotrich signed the decree to extend the excise tax reduction until the end of November, maintaining the price at 7.85 shekels per liter. The price of gasoline in Israel is regulated by the Ministry of Energy, which sets it monthly based on average Mediterranean prices and the dollar exchange rate. Recent increases in refining margins, caused by global supply chain disruptions including issues at the Strait of Hormuz and Russian refineries, had prompted the government to implement tax cuts. The current 50 agorot per liter reduction is expected to cost the state approximately 180 million shekels in lost revenue per month.
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