Full coverage· Economy· Updated
Israel Considers Fuel Tax Hike as Subsidy Nears End
Israeli drivers may face significantly higher gasoline prices starting November 5, as a temporary tax reduction is set to expire. Finance Minister Bezalel Smotrich is considering options to either fully or partially extend the tax break, which costs the state hundreds of millions of shekels.
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What happened
- 01Gasoline prices in Israel could rise sharply to nearly 9 shekels per liter by November 5.
- 02The potential price hike follows the expiration of a temporary tax reduction on fuel.
- 03Finance Minister Bezalel Smotrich is reviewing options to extend or partially maintain the tax break.
- 04Extending the full tax break would cost the state an estimated 300 million shekels per shekel of reduction.
- 05A compromise could involve a partial reduction of the excise tax, costing around 150 million shekels.
- 06Global oil prices and the dollar exchange rate are also factors influencing the final fuel cost.
Without intervention, a liter of fuel could rise to nearly nine shekels, influenced by global oil prices and the dollar exchange rate. A final decision on extending the subsidy is expected soon.
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