Israel Approves Fuel Price Reduction of 50 Agorot Until End of November
Translated & summarized from Kan News by baba
Israel's Ministry of Finance approved a 50 agorot fuel price cut until the end of November, setting the price at 7.85 shekels per liter. This follows a previous 1 shekel reduction that expires November 4. The new measure aims to offset an upcoming price hike. The decision was made despite warnings from ministry professionals about potential budgetary issues.
The story in 6 lines · by baba
- Israel's Finance Ministry approved a 50 agorot fuel price cut until November 30.
- The self-service gasoline price will be set at 7.85 shekels per liter.
- A previous 1 shekel price reduction order expires on November 4.
- The new order aims to prevent a price increase scheduled for November 4.
- The decision was made against the advice of Finance Ministry professionals.
- The previous price cut resulted in a 150 million shekel tax revenue loss.
Israel's Ministry of Finance has approved a 50 agorot reduction in the price of gasoline, effective until the end of November. Following a public comment period, Finance Minister Bezalel Smotrich is expected to sign the order, which will set the self-service gasoline price at 7.85 shekels per liter, pending review of public feedback. A previous order reducing prices by one shekel remains in effect until November 4. The new order aims to mitigate a price increase scheduled for November 4. Earlier, the Ministry of Energy and Infrastructure announced that as of midnight between Saturday and Sunday, the fuel price would be updated to 7.35 shekels per liter, a decrease of 42 agorot from the previous update. The ministry also warned that without an updated order, the current directive would expire, leading to a maximum price of 8.35 shekels per liter starting November 5. The surcharge for full service will remain unchanged at 26 agorot per liter. Earlier this month, fuel prices were lowered by half a shekel to 7.77 shekels per liter due to a prior order signed by the Finance Minister, which resulted in an estimated 150 million shekel loss in tax revenue. This move was reportedly made against the advice of professional staff within the Finance Ministry, who had cautioned about a budgetary shortfall.
