Israel to lower gas prices by half a shekel per liter from October 5
The order will lower the price of a liter of gas from NIS 8.27 to NIS 7.77.
Israel plans to reduce gasoline prices by 50 agorot per liter, starting from October 5. Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich reached this decision, with Smotrich signing the order on Sunday. This reduction will lower the cost of a liter of gasoline from NIS 8.27 to NIS 7.77. As global fuel prices surge, Israel aims to prevent its prices from rising excessively.
The country's electricity prices are also among the cheapest in the Western world, thanks to efforts to develop natural gas reserves and introduce competition into electricity production. The Israeli economy has been setting records, and the government plans to manage it responsibly. Smotrich had previously announced a price cut of 50 agorot per liter to protect drivers from the rapidly increasing fuel costs.
The state absorbed the cost by temporarily reducing the fuel excise tax collected from drivers. However, the price cuts were short-lived, as gasoline prices in Israel peaked at NIS 8.27 per liter, or $10.17 per gallon, during the final week of September. This increase was due to a 13% global rise in gas prices caused by disruptions in the supply chain and instability in the Middle East.
Additionally, the US dollar strengthening by around 3% against the shekel also contributed to the fuel price hike in Israel.
Written by urgent.news from Jerusalem Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
