Israel: Gasoline Soars to Record Level of 8.27 Shekels per Liter

Tel Aviv - Afaq News - Fuel prices in Israel are rising again, reaching a new record level, as the price of a liter of 95 octane gasoline will reach 8.27 shekels, an increase of 52 agorot compared to the current price.

The Director of Fuel and Gas at the Israeli Ministry of Energy and Infrastructure announced today, Tuesday, that the new increase will take effect starting from midnight Wednesday-Thursday.

According to the decision, the price of unleaded 95 octane gasoline for consumers at self-service stations, including value-added tax, will not exceed 8.27 shekels, while the full-service fee will remain at 26 agorot per liter.

The Fuel and Gas Administration explained that the sharp rise in gasoline prices is due to several factors, most notably the increase in oil prices in global markets, the rise in the exchange rate of the dollar, along with adjustments to the production tax.

The production tax was reduced last month by about 50 agorot per liter under a temporary decision, which will end at the end of October, contributing to pushing fuel prices to higher levels.