Fuel Prices Surge by 61 Agorot in Israel Starting August

Israel will see a significant increase in fuel prices starting at midnight between Saturday and Sunday, August 1. The price of a liter of 95-octane unleaded gasoline at self-service stations will rise by 61 agorot to 8.09 shekels. The additional charge for full-service fuel will remain unchanged at 25 agorot per liter.

This price hike follows a sharp 22% rise in international gasoline prices, driven by increased global oil costs and concerns over supply disruptions amid escalating tensions with Iran. Additionally, a 1.9% strengthening of the US dollar against the shekel has contributed to the higher fuel costs in Israel.

Batsheva Abuhatzira, head of the Fuel and Gas Administration, explained that the fuel price in Israel reflects the volatility of global energy markets. After a previous increase of 1.03 shekels per liter in April and a slight rise in May, prices had decreased by 59 agorot during June and July. However, recent global developments have reversed this trend.

Fuel prices in Israel are calculated based on the average fuel prices in the Mediterranean region over five trading days preceding the last two working days of each month. The final price includes marketing costs, excise tax, and value-added tax.