Gasoline prices in Israel to fall sharply Sat night

Gasoline Photo: Thinkstock

The maximum price of 95 octane gasoline at self-service pumps in Israel will fall NIS 0.47 to NIS 6.01 on December 2.

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will fall sharply by NIS 0.47 to NIS 6.01 on Saturday night at midnight, December 2, the Ministry of National Infrastructures, Energy and Water Resources reports. The charge for receiving full-service at pumps from gas station attendants will remain NIS 0.21. The sharp fall in the price of gasoline stems from a 20% drop in the price of oil on world markets over the past month.

At the beginning of November, gasoline prices fell NIS 0.11. The price of fuel in Israel is set according to the price in the last four days of the month at Lavera in France. The price rise is due to the rise of oil prices on world markets.

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Eilat where there is no VAT will fall by NIS 0.41 to NIS 5.13 on Saturday night. The charge for receiving full-service at pumps from gas station attendants will remain NIS 0.18.

The one time fall is not expected to impact the fuel companies.

After the fall, taxes - VAT and excise - will make up more than 60% of the price of gasoline at the pumps in Israel.

Published by Globes, Israel business news - en.globes.co.il - on November 29, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Gasoline Photo: Thinkstock
Gasoline Photo: Thinkstock
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