Gasoline prices to rise for fourth straight month

Gasoline prices to rise for fourth straight month

Since the start of 2024, the price of a liter of 95 octane gasoline has risen by NIS 0.78.

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel in April will rise by NIS 0.21 per liter on Sunday at midnight, to NIS 7.72 per liter, the Ministry of Energy and Infrastructure has announced. 

The new price of gasoline will be the highest since NIS 8.08 in July 2022 due to the Russia-Ukraine war. Since the start of 2024, the price of a liter of gasoline has risen by NIS 0.78.

In addition to the rising price of oil on world markets and volatility in the shekel-dollar exchange rate, an additional reason for the price rise has been the decision by Minister of Finance Bezalel Smotrich to restore the previous full level of excise tax on fuel.

Between April 2022 and the end of 2023, the Ministry of Finance reduced excise by varying amounts to keep price controlled 95 octane gasoline stable at just below NIS 7 per liter. As part of the cuts to the revised 2024 state budget, it was decided to cancel the excise reduction, which last year cost the state coffers more than NIS 1 billion in lost revenue.

Published by Globes, Israel business news – en.globes.co.il – on March 31, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Gas station in Israel credit: Zion Bar

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