The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will fall on Wednesday night at midnight September 1, 2022 by NIS 0.21 to NIS 6.37 per liter, the Ministry of National Infrastructures, Energy and Water Resources has announced. This equals the price of gasoline in January 2022. The charge for receiving full-service at pumps from gas station attendants will remain NIS 0.21.
The price would have fallen by NIS 0.32, with oil prices down on world markets over the past month and the shekel strengthening significantly. But following a ruling by the Attorney General, the Ministry of Finance has extended the reduction in excise of gasoline and diesel until November 15 but lowered the cut from NIS 1.00 to NIS 0.89 per liter.
It was also agreed that if the maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will fall to NIS 6.15-6.25, the excise reduction will be lowered to NIS 0.76 per liter, and if the price falls below NIS 6.15, the excise reduction will be lowered to NIS 0.50 per liter.
Gasoline prices peaked at NIS 8.08 per liter in July, its highest price since 2014, as oil prices rose on world markets, following the Russia-Ukraine war. The price in July included a NIS 0.50 excise cut per liter, which was raised to NIS 1 last month.
Published by Globes, Israel business news - en.globes.co.il - on August 31, 2022.
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