Full coverage· Economy· Updated 10:43

Fuel Prices to Rise Despite Tax Cut as Benefit is Reduced

Fuel prices in Israel will rise by 8 agorot to 7.85 shekels per liter despite an extended tax reduction. Finance Minister Bezalel Smotrich reduced the tax benefit to 50 agorot, saving the state 150 million shekels.

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Fuel Prices to Rise Despite Tax Cut as Benefit is Reduced — Illustration by baba

What happened

01Fuel prices in Israel will increase by 8 agorot to 7.85 shekels per liter.
02Finance Minister Bezalel Smotrich reduced the fuel tax benefit to 50 agorot per liter.
03The tax reduction extension is expected to save the state treasury 150 million shekels.
04The adjusted tax benefit will be in effect until the end of November.
05Global tensions and potential US strikes on Iran could cause further fuel price increases.

The measure lasts until the end of November, with potential further price hikes in December due to global oil market volatility and US-Iran tensions.

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