While electricity is getting more expensive, at least fuel is going down by a shekel and a half per liter

Starting tomorrow: the maximum price per liter of unleaded 95 octane gasoline for the consumer at a self-service station (including VAT) will not exceed NIS 6.58 per liter, a decrease of NIS 1.5 from the previous month. The price will be updated at midnight between Sunday and Monday.

Walla!

Of money

31/07/2022

Sunday, July 31, 2022, 12:21 Updated: 12:31

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Loads at the gas stations on the eve of the price increase last month.

We won't see them tonight (Photo: Reuven Castro)

While electricity will become more expensive starting tomorrow by 8.6% (a sharp increase that was offset by one percent since the price increase was decided), the energy sector also provides better news, when the Ministry of Energy announced the update of fuel prices for the month of August 2022:

the maximum price per liter of unleaded 95 octane gasoline for the consumer at the station In self-service (including VAT) it will not exceed NIS 6.58 per liter, a decrease of NIS 1.5 from the previous month. The surcharge for full service will be 21 shekels per liter (including VAT), unchanged from the previous month.

The price will be updated at midnight between Sunday and Monday.

The reduction was made possible thanks to a further reduction of the excise tax on fuel, at the same time as the drop in the price of oil in the world.

Less, but painful - the price of fuel is falling, but electricity is becoming more expensive (Photo: ShutterStock)

Chen Bar Yosef, Director of the Fuel and Gas Administration at the Ministry of Energy

: "The decrease recorded in gasoline prices this month is the sharpest decrease in Israel in one month. The previous decrease, amounting to one shekel, was at the beginning of the Corona virus in April 2020. Also, a decrease of 86 shekels was during the crisis the subprime' in 2008.

The main reasons for the decrease are first of all a reduction in taxes, which results from the decision to decrease the excise tax and a decrease in the adjustment of the VAT components.

All of these went down only in August and will go up again at the beginning of September.

The drop in the price of gasoline itself continues throughout the month in prices and fuel products in the world.

The drop in gasoline prices was the most significant and is partly due to fears in the markets of a recession and a slowdown in the global economy, also due to interest rate increases by the world's central banks, following price increases and a jump in global inflation."

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