Gas in Israel to reach all-time high at over $10 per gallon amid worldwide price hikes
The price hike comes after gasoline prices worldwide jumped by approximately 13%, amid rising crude oil prices, continued concerns over disruptions to supply chains, and global energy vulnerability.
Israel's gasoline prices have spiked to an all-time high of NIS 8.27 per liter, equivalent to $10.17 per gallon, set to increase further by 52 agorot per liter on Thursday. This surge is largely due to a stronger US dollar and a 13% rise in global gasoline prices caused by higher crude oil costs, ongoing supply chain concerns, and a weak global energy market.
The price hike comes less than a month after Finance Minister Bezalel Smotrich temporarily reduced fuel excise tax, bringing the price down to NIS 7.75 per liter. However, despite the reduction, global oil price hikes have eroded most of the savings, leading to the current price surge. Even with the ongoing tax reduction, gasoline prices are again on the rise before it is set to expire on October 31.
Written by urgent.news from Jerusalem Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
