Fuel Prices to Rise Less Than Expected After Tax Reduction Extended
Translated & summarized from Calcalist by baba
Finance Minister Bezalel Smotrich extended a fuel excise tax reduction, limiting a planned gasoline price increase. Starting November 5, gasoline will cost 7.85 shekels per liter instead of the anticipated 8.35 shekels. This follows a separate price decrease announced November 1, bringing the price to 7.35 shekels. The extension prevents a record-high price of 8.35 shekels.
The story in 5 lines · by baba
- Finance Minister Bezalel Smotrich extended a fuel tax reduction order.
- Gasoline prices will rise to 7.85 shekels per liter on November 5.
- This is less than the previously projected price of 8.35 shekels.
- A separate price drop on November 1 set the maximum at 7.35 shekels.
- The extension prevents gasoline from reaching a new record high.
Finance Minister Bezalel Smotrich signed an order extending the reduction of fuel excise tax, mitigating a significant price hike for gasoline. Effective November 5, the price per liter will be 7.85 shekels, rather than the projected 8.35 shekels. This decision comes after the Ministry of Energy announced on November 1 that fuel prices would decrease by 42 agorot per liter overnight, setting the maximum price for 95-octane self-service gasoline at 7.35 shekels, down from 7.77 shekels. Without the extension of the tax reduction, the price was expected to jump by a full shekel to a record high of 8.35 shekels on November 5. Smotrich's signature ensures the price increase on that date will be limited to 7.85 shekels per liter.
