Amid fears of a war between Russia and Ukraine, the price of oil has jumped more than 5% since this morning and is approaching $ 100 a barrel.
This coming Sunday, the Ministry of Energy will publish the prices of fuel for March, and for the purpose of the calculation, samples of the price of oil will be taken in the five trading days of the week - Monday to Friday.
It is too early to determine what the price of petrol will be in March as there are three more trading days.
But according to today's and yesterday's oil prices, it can already be estimated that the price of a liter of gasoline is expected to rise by 24 cents, and if the upward trend continues in the coming days then the rise will be higher, and vice versa - if oil prices fall in the coming days.
Today, the price per liter of 95-octane gasoline is NIS 6.71 in self-service, including VAT - the highest level since December 2014. Recall that 61% of the price of fuel is taxes - excise tax and VAT.
The rate of taxes on fuel in Israel is one of the highest in the world.
The government considered lowering the excise tax as part of the economic plan to lower the cost of living approved earlier this week, but that did not happen.
The official explanation for this was that lowering taxes on fuel is contrary to government carbon policy and therefore for reasons of environmental protection excise tax on fuel has not been reduced.
At the same time, it should be noted that the government did abolish the excise tax on polluting coal in order to curb the increase in the electricity tariff.
At the beginning of next month, the Ministry of Finance will present a package of additional measures to lower the cost of living, but at the moment the reduction in the price of fuel is not on the agenda.
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