Gasoline in Israel to become cheaper by 42 agorot per liter — Jerusalem Post

In Israel, on the night from Saturday to Sunday, the maximum price of a liter of unleaded 95-octane gasoline at self-service gas stations will fall by 42 agorot, to 7.35 new Israeli shekels including VAT. The Jerusalem Post reported this, citing the Fuel and Gas Administration of the country’s Ministry of Energy and Infrastructure.

New maximum price

Currently, the maximum price of a liter of this gasoline is 7.77 shekels. The additional charge for refueling with an attendant will remain unchanged at 26 agorot per liter.

The price cut was announced despite earlier forecasts from sources in the energy market. They expected an increase of about 30 agorot, to around 8.30 shekels per liter.

Impact of prices and the dollar exchange rate

According to the Fuel and Gas Administration, the price of gasoline in the Mediterranean basin fell by about 13%. This effect was partly offset by an approximately 2% increase in the dollar exchange rate.

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Earlier expectations of a price increase were linked to rising global oil prices amid expectations of regional escalation involving Iran, as well as the strengthening of the dollar after the election results.

Tax relief until November 3

Consumers also benefit from a temporary reduction in the gasoline excise tax of 1 shekel per liter. This measure, introduced by Finance Minister Bezalel Smotrich, costs the budget approximately 326 million shekels per month.

The relevant order expires on November 3. The Ministry of Energy and Infrastructure warned that, without an extension of the relief, the maximum gasoline price could rise to 8.35 shekels per liter from November 5. To avoid such an increase, the finance minister must extend the tax relief for another month.