The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will rise on Sunday at midnight July 1, by NIS 0.04 per liter to NIS 7.56 per liter, the Ministry of Energy and Infrastructure has announced.
The return to a rise in prices comes after gasoline prices fell by NIS 0.38 at the start of June, after five consecutive months of price rises. In May, the maximum price of government price controlled 95 octane gasoline at self-service pumps peaked at NIS 7.90 per liter, just NIS 0.35 below the record high price of gasoline in Israel of NIS 8.25 per liter in 2012.
During June the shekel weakened against the US dollar, making a barrel of oil more expensive to import to Israel.
Since the start of 2024, a liter of gasoline has risen in price in Israel by NIS 0.62 per liter. At the start of the year the government cancelled its policy of reducing the excise tax on fuel to keep price controlled 95 octane gasoline stable at just below NIS 7 per liter, due to the widening fiscal deficit and high costs of the war. Between April 2022 and December 2023, this 'subsidy' policy cost the state coffers nearly NIS 2 billion.
Published by Globes, Israel business news - en.globes.co.il - on June 30, 2024.
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