From October 5: Gas in Israel to drop to 7.77 shekels per liter

On the night of October 5, the price of gasoline in Israel will decrease by 0.5 shekels to 7.77 shekels per liter. The discount will last only one month. The tax reduction was approved by the government's legal advisor. Earlier, on the night of October 1, gasoline rose by 52 agorot to a record 8.27 shekels.

On the night of Monday, October 5, the price of gasoline in Israel will decrease by 0.5 shekels to 7.77 shekels per liter at self-service stations. The discount will be valid for only one month. The tax reduction was approved by the government's legal advisor, Gali Baharav-Miara, who stated there are no obstacles to this. Earlier, on the night of October 1, gasoline rose by 52 agorot to a record price of 8.27 shekels per liter. This occurred despite the Finance Ministry having already reduced the excise tax by 0.5 shekels a month earlier to halt the sharp price increase. Without the discount, a liter of fuel would cost 8.77 shekels today. The current reduction is estimated to cost about 150 million shekels for one month. Finance Ministry specialists objected to the additional excise reduction due to the high cost to the state budget and lack of funding sources. The Ministry of Energy attributed the notable price increase to a rise in international market prices of about 6%, only partially offset by a dollar exchange rate decrease of about 3%. The historical maximum price for 95-octane gasoline was recorded in September 2012, also at 8.25 shekels per liter.