Israel Sees Fuel Prices Rise Above 8 Shekels Per Liter Starting Sunday

Fuel prices in Israel are set to increase again starting at midnight between Saturday and Sunday, with the maximum price for 95-octane gasoline in self-service stations rising by 61 agorot to 8.09 shekels per liter. This marks a return to prices above 8 shekels after about two months of decline. The Ministry of Energy attributes the hike to a sharp 22% rise in international gasoline prices, driven by a surge in global oil prices and concerns over supply disruptions and energy market stability. Additionally, a 1.9% strengthening of the US dollar against the shekel has contributed to the increase.

This price level echoes previous peaks seen during periods of regional security tensions, such as the "Lion's Roar" conflict and the crisis around the Strait of Hormuz earlier this year. Despite a cumulative price drop of 59 agorot in June and July, the trend has reversed due to recent developments in the oil market. The surcharge for full-service fueling remains unchanged at 25 agorot per liter.

Batsheva Abuhatzira, head of the Fuel and Gas Administration at the Ministry of Energy and Infrastructure, explained that the gasoline price continues to reflect volatility in global energy markets. For consumers, this means a significant increase in fuel expenses, with filling a 50-liter tank costing approximately 30.5 shekels more than last month.