Full coverage· Economy· Updated
Israel Fuel Prices Set to Drop, But Tax Break Expiry Looms
The price of 95-octane gasoline in Israel is set to decrease by 42 agorot per liter starting Sunday, November 1, bringing the maximum price at self-service stations to NIS 7.35 per liter, including VAT. The surcharge for full service at gas stations will remain unchanged at 26 agorot per liter.
3 newsrooms · 2 languages · since
What happened
- 01Israeli gasoline prices will decrease by 42 agorot to NIS 7.35 per liter starting Sunday, November 1.
- 02A temporary fuel excise tax reduction is scheduled to expire on Thursday, November 5.
- 03Gasoline prices are projected to rise to NIS 8.35 per liter if the tax reduction is not extended.
- 04Finance Minister Bezalel Smotrich has the authority to renew the discount order to maintain lower prices.
- 05Experts suggest the tax break could be halved, which would result in a price of NIS 7.85 per liter.
- 06Finance Ministry specialists opposed further tax cuts due to a 300 million shekel budget impact.
- 07The surcharge for full service at gas stations will remain unchanged at 26 agorot per liter.
However, this price reduction is expected to be temporary. A decree signed by Finance Minister Bezalel Smotrich that reduced the fuel excise tax is scheduled to expire on Thursday, November 5. If the tax break is not extended, gasoline prices are projected to jump by 1 shekel, reaching NIS 8.35 per liter.
Experts suggest the tax break might be extended for another month, possibly at a reduced rate of 50 percent, which would set the price at NIS 7.85 per liter. Finance Ministry specialists have opposed further excise tax cuts, warning of a 300 million shekel budget impact and a lack of identified funding sources.
Summarized by baba from the reports of 3 newsrooms. Updated
Latest report: Cursorinfo. Read Cursorinfo’s originalThe coverage
3 newsrooms on this story
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