Full coverage· Economy· Updated
Israel Approves 50 Agorot Per Liter Fuel Tax Cut to Curb Price Hikes
Israel's Ministry of Finance has approved a 50 agorot per liter tax cut on gasoline until the end of November to counter expected price hikes. The self-service price will be 7.85 shekels per liter. A separate, temporary reduction to 7.35 shekels will take effect this weekend.
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What happened
- 01Israel's Ministry of Finance approved a 50 agorot per liter fuel tax cut until November 30.
- 02The self-service gasoline price will be set at 7.85 shekels per liter after the tax reduction.
- 03A separate, temporary price drop to 7.35 shekels per liter will begin this Saturday night.
- 04A previous tax reduction order expires November 4, potentially raising prices to 8.35 shekels.
- 05The tax cut aims to mitigate expected price increases at the start of next month.
- 06The decision was made despite professional concerns about the budget deficit.
The move comes despite professional warnings within the ministry about the impact on the budget deficit.
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