Oil is rising again: Will Israelis pay more at the gas stations?

Oil prices rose following the American strike in Iran; on Thursday, gasoline will become more expensive by 50 agorot per liter, reaching 7.85 shekels. A full tank will cost 25 shekels more.

Global oil prices recorded increases following the American strike on Qeshm Island in Iran and fears of escalation that could disrupt oil supply through the Strait of Hormuz. The price of a barrel of Brent crude crossed the $106.61 threshold, a rise of 1.76%. Meanwhile, in Israel, a gasoline price hike was set to take effect on Thursday, November 5: the price of a liter of 95-octane gasoline will rise by 50 agorot to 7.85 shekels, after dropping by 42 agorot at the beginning of the month. Finance Minister Bezalel Smotrich signed a partial extension of the excise tax reduction for another month; without it, the price would have reached 8.35 shekels. A full 50-liter tank will cost 392.50 shekels, 25 shekels more than the current price. The article notes that oil market increases do not necessarily translate into immediate price hikes in Israel, due to dependence on the dollar exchange rate and tax policy.