The maximum retail price of a liter of unleaded 95 octane gasoline at self-service pumps in Israel will remain unchanged for the third consecutive month.
At midnight between Sunday night and Monday (May 1) the maximum retail price of a liter of government price-controlled unleaded 95 octane gasoline at a self-service pump will remain unchanged at NIS 6.81 (including VAT). May will be the third consecutive month in which the price is unchanged, the Ministry of National Infrastructures, Energy and Water Resources has announced. There will remain a fee of NIS 0.21 per liter for full service at pumps.
The price of 95 octane gasoline had been set to rise sharply to NIS 7.20-7.30 per liter until Minister of Finance Bezalel Smotrich ordered an extension of the cut in excise duty. However in May the excise duty cut has been reduced from NIS 0.58 per liter to NIS 0.45, even though the Ministry of Finance had originally planned to reduce the excise duty cut to just NIS 0.13, which would have sharply pushed up gasoline prices.
Oil prices which jumped substantially at the start of the Russia-Ukraine war in February 2022 have fallen by 25% over the past year.
Published by Globes, Israel business news - en.globes.co.il - on April 30, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Israel gas station credit: Eyal Izhar