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Gas prices set to plunge by half a shekel starting Monday
Israel National News • • world
Key Points:
- The Finance Ministry announced a reduction of the fuel excise tax by 0.5 shekels, effective at midnight between Sunday and Monday, lowering the price of 95-octane gasoline to NIS 7.75 per liter at self-service stations.
- This tax cut was ordered by Finance Minister Bezalel Smotrich and approved after legal review, but has faced criticism from opponents who label it as "election economics."
- The tax reduction follows a recent increase of 0.16 shekels per liter in gasoline prices, which had raised the price to a record NIS 8.25 per liter just two days earlier.
- The recent price hike was attributed to a 6% rise in global gasoline prices, partially offset by a 3% weakening of the dollar, along with index-linked excise tax updates and a semiannual marketing margin adjustment.
