Fuel Prices to Hit Record High in Israel

The price of a liter of 95-octane gasoline in Israel will rise to a record high of 8.25 shekels starting midnight between Monday and Tuesday, September 1st. This increase of 16 agorot (cents) from the previous month is attributed to a combination of global factors and domestic taxes.

The primary drivers for the surge include a roughly 6% increase in international gasoline prices and an update to the excise tax (blue) component by the Tax Authority, which added approximately 5 agorot per liter. These were partially offset by a 3% decrease in the dollar exchange rate, resulting in a net increase of about 10 agorot from international market fluctuations.

Additionally, a semi-annual adjustment to the marketing margin added one more agora to the price. The fuel and gas administration at the Ministry of Energy and Infrastructure also noted a one-agora increase in the surcharge for full-service stations, linked to a minimum wage update.

This new record price follows a period of fluctuations, including a significant 32-agora drop in July. The Ministry of Energy and Infrastructure advises consumers to compare prices across different stations to find the most economical option. Detailed pricing formulas are available on the ministry's website.