Israel cuts gasoline prices by 50 agorot after Smotrich approves temporary excise relief
Smotrich's order to lower gas prices will remain in effect until October 31, four days after Israel's 2026 election.
Finance Minister Bezalel Smotrich has approved a temporary 50 agorot reduction in gasoline prices per liter, effective immediately until the October 31 election. The self-service price of 95-octane gasoline will drop from NIS 8.25 to NIS 7.75 per liter, bringing it down to the lowest level in Israel since September 2012. The state will absorb the tax revenue loss by temporarily relinquishing part of the excise tax it collects from drivers.
This decision comes less than a week after gasoline prices surged due to global factors, the dollar-shekel exchange rate, and updates to excise tax calculations. Smotrich's decision aimed to provide relief to drivers during the election campaign, though it raised concerns over the timing. The Finance Ministry's legal adviser and Attorney-General approved the move, citing precedents set in the past.
The reduction is intended to alleviate the burden on households and prevent the increased fuel costs from spilling over into other essential expenses.
Written by urgent.news from Jerusalem Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
