Is fuel approaching 8 shekels again? Global turmoil could spike the price

Tensions around the Strait of Hormuz and damage to refineries in Russia could lead to an increase of up to 40 agorot per liter of fuel, warns Liat Ron on 103fm. According to her, the price hike could affect the entire cost of living, as electricity is the basis for all industry. The price, which stood at 7.75 shekels after the excise reduction, may approach the psychological threshold of 8 shekels again.

Liat Ron from 103fm warns that turmoil in the global energy market could lead to an increase of up to 40 agorot per liter of fuel in Israel. Among the factors: tensions around the Strait of Hormuz, threats to shipping routes in Yemen, and drone strikes on refineries in Russia that damaged refining capacity. According to her, the price hike could affect the entire cost of living, as electricity is the basis for all industry. The current price is 7.75 shekels per liter, after the excise reduction led by Finance Minister Bezalel Smotrich, which lowered the price from 8.25 shekels. Ron estimates that Smotrich may try to promote another excise reduction, but the Attorney General is expected to block it. She says the increase is not good for the Likud party publicly, but Smotrich may leverage the issue for another political confrontation.