From October 5: gasoline in Israel will 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 gas 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 that there are no obstacles to this. Earlier, on the night of October 1, gasoline rose by 52 agorot and reached a record price of 8.27 shekels per liter. This happened despite the fact that a month earlier the Ministry of Finance had already reduced the excise tax by 0.5 shekels to stop 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. Ministry of Finance specialists objected to the additional excise reduction due to the high cost to the state budget and the lack of funding sources. The Ministry of Energy attributed the noticeable rise in gasoline prices to an increase in international market prices of about 6%, which was only partially offset by a decline in the dollar exchange rate of about 3%. The historical maximum price for 95-octane gasoline was recorded in September 2012 — also 8.25 shekels per liter.