Fuel Prices Rise to 7.85 Shekels Per Liter Despite Tax Cut
Translated & summarized from Alarab by baba
Israel's Minister of Finance Bezalel Smotrich signed an order reducing the fuel excise tax by 50 agorot per liter for 26 days, aiming to curb a sharp price increase. Despite the reduction, the price of 95-octane gasoline rose to 7.85 shekels per liter starting Thursday. Without this intervention, the price would have reached 8.35 shekels. The new order replaces a previous, larger tax reduction.
The story in 5 lines · by baba
- Fuel excise tax cut by 50 agorot per liter for 26 days aims to soften price hike.
- Price of 95-octane gasoline increased to 7.85 shekels per liter starting Thursday.
- Without the tax cut, gasoline prices would have reached 8.35 shekels per liter.
- The new reduction replaces a previous full shekel tax cut that expired.
- The Ministry of Finance announced the decision on Thursday.
Israel's Ministry of Finance announced on Thursday that Minister of Finance Bezalel Smotrich signed an order reducing the fuel excise tax (Blue) on gasoline by 50 agorot per liter for 26 days, until the end of the current month. This measure aims to mitigate a sharp expected increase in fuel prices. As a result of this decision, the price of a liter of 95-octane self-service gasoline rose starting from midnight Wednesday to 7.85 shekels. This new order replaces a previous one that provided a full shekel reduction and has now expired. Without the new order, the price of a liter of gasoline would have jumped to 8.35 shekels on Thursday. The previous reduction had been in effect for a period that ended before this new order was signed.
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