Israel Gas Prices Dip Then Rise Amid Tax Changes
Translated & summarized from NEWSru Israel by baba
Gasoline prices in Israel dropped by 42 agorot to 7.35 shekels per liter on November 1, but will increase by 50 agorot to 7.85 shekels on November 5. Minister of Finance Bezalel Smotrich signed an order to partially extend a temporary excise tax reduction, which will be halved. The initial decrease was driven by falling international oil prices, while the upcoming rise is due to the reduced tax benefit.
The story in 5 lines · by baba
- Israeli gasoline prices fell to 7.35 shekels per liter on Nov 1 but will rise to 7.85 shekels on Nov 5.
- Minister of Finance Bezalel Smotrich ordered a partial extension of a temporary excise tax reduction.
- The tax break on gasoline will be reduced from one shekel to 50 agorot per liter starting November 5.
- Falling international gasoline prices caused the initial November price decrease.
- The new tax measure is in effect until December 5.
The maximum price for 95-octane gasoline in Israel decreased by 42 agorot to 7.35 shekels per liter for self-service starting November 1. However, prices are set to increase by 50 agorot to 7.85 shekels per liter on November 5. This upcoming rise is due to a partial extension of a temporary excise tax reduction on gasoline, signed by Minister of Finance Bezalel Smotrich. The tax break will be halved from one shekel to 50 agorot per liter starting November 5. Without this measure, the price of gasoline would have climbed to 8.35 shekels per liter. The new directive is effective until December 5. The initial price drop in November is primarily attributed to a 13.2% decrease in global gasoline prices. A roughly 2% strengthening of the US dollar against the shekel partially offset this effect. International price reductions accounted for a 36-agorot decrease per liter, with an additional six agorot attributed to a reduction in VAT. The surcharge for full service remains unchanged at 26 agorot per liter.
