Gasoline prices in Israel to fall Wed night

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will fall on Wednesday at midnight August 1, by NIS 0.08 per liter to NIS 7.48 per liter, the Ministry of Energy and Infrastructure has announced. The NIS 0.22 charge per liter for service at pumps will remain unchanged.

The fall in price comes after the price per liter rose NIS 0.04 at the start of July, while in June prices fell for the first time in 2024. 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.

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 July 30, 2024.