Full coverage· Economy· Updated 29 Oct, 10:44

Fuel Prices to Rise Slightly Despite Tax Cut Extension

Gasoline prices in Israel will rise to about 8.3 shekels per liter starting Saturday night, despite a temporary tax reduction by Finance Minister Bezalel Smotrich. The price increase is attributed to rising oil costs and a strengthening dollar.

2 newsrooms · 1 language · since 29 Oct, 09:28

Plus

Fuel Prices to Rise Slightly Despite Tax Cut Extension — Illustration by baba

What happened

01Gasoline prices will reach about 8.3 shekels per liter starting Saturday night.
02Finance Minister Bezalel Smotrich temporarily reduced the fuel tax by 1 shekel.
03The tax cut costs the state budget 326 million shekels per month.
04An additional price increase of 30 agorot is expected due to global factors.
05The tax reduction is set to be extended for another month.

Smotrich plans to extend the tax benefit for another month, bringing the total cost to the state budget to around 800 million shekels.

Translated and summarized by baba from Hamal, the latest report. Read Hamal’s original