How the reduction in gasoline prices will take place - new details

Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich have agreed to reduce the fuel excise tax. The price of gasoline will drop from 8.27 to 7.77 shekels per liter, a decrease of 50 agorot. The measure will take effect on the night of October 4-5 and is intended to curb the rise in global fuel prices.

Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich have reached an agreement to lower gasoline prices. Smotrich's corresponding order will take effect on the night of October 4-5. After the tax reduction, the price of gasoline in Israel will decrease from 8.27 to 7.77 shekels per liter — fuel will become cheaper by 50 agorot. The head of government and the finance minister stated that the measure is intended to curb the impact of rising fuel prices on the global market and prevent a similar price increase in Israel. Separately, Netanyahu and Smotrich addressed the cost of electricity, linking it to the expansion of gas field development and increased competition among producers. They emphasized that thanks to the development of gas fields, electricity in Israel remains among the cheapest in Western countries. The statement said: "Israel's economy is breaking records. We will continue to manage it responsibly." Earlier, "Cursor" reported that the price of gasoline could drop by another 50 agorot per liter as early as the beginning of next week. The measure is expected to be temporary and last about a month.