Fuel Prices Surge by 61 Agorot in Israel Starting August
Translated & summarized from Mako by baba
Starting August 1, Israel will raise the price of 95-octane gasoline by 61 agorot to 8.09 shekels per liter due to rising global oil prices and a stronger dollar amid tensions with Iran.
The story in 6 lines · by baba
- Fuel price for 95-octane gasoline rises 61 agorot to 8.09 shekels per liter in August.
- Full-service fuel surcharge remains at 25 agorot per liter.
- Increase driven by 22% rise in global gasoline prices and 1.9% stronger US dollar.
- Tensions with Iran contribute to global oil market instability.
- Fuel prices reflect Mediterranean regional averages plus taxes and fees.
- Prices had fallen 59 agorot in June and July before this increase.
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.
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