The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel in November will rise by NIS 0.09 per liter on Tuesday at midnight to NIS 6.46 per liter, the Ministry of National Infrastructures, Energy and Water Resources has announced. The charge for receiving full-service at pumps from gas station attendants will remain NIS 0.21. Normally gasoline prices are revised on the first of the month but the update has been postponed until November 2 because of the elections on Tuesday.
In recent months the government has tried to dampen inflation by temporarily reducing excise on fuel despite accusations of election economics. Ironically gasoline prices will finally start rising again the day after the elections. The NIS 1 per liter reduction is excise expires this month and there could be a steep rise in gasoline prices in December. However, Minister of Finance Avigdor Liberman has not given up on the idea of extending the excise cut. Discussion on the matter will take place after the elections.
The price of Brent crude has risen 17% over the past month to $96 per barrel, wiping out the fall in the price of oil over the previous few months. At the end of September, Brent crude was $82 per barrel, the same price as in January before the outbreak of the Russia-Ukraine war.
The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel has fallen from a peak of NIS 8.08 per liter in July 2022.
Published by Globes, Israel business news - en.globes.co.il - on October 30, 2022.
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