Ahead of a jump in fuel prices: The Treasury considers extending the tax cut again

Discussions are taking place at the Ministry of Finance regarding the extension of the fuel excise tax reduction, which is expected to expire on November 4, in order to prevent a price surge amid the rise in global oil prices to around $114 per barrel.

Intensive discussions are taking place at the Ministry of Finance regarding the extension of the fuel excise tax reduction, which is expected to expire on November 4. The current reduction, which was doubled at the beginning of October, was intended to prevent the price of fuel from jumping to 8.77 shekels per liter. The discussions are set against the backdrop of rising global oil prices to around $114 per barrel, amid growing tensions and fears of another round between Israel and the United States and Iran. According to estimates, the Treasury is expected to intervene once again, at least through a partial extension of the tax reduction, in order to mitigate the expected price increase for consumers. The final decision is expected to be made before the current reduction expires.