Tonight at midnight: Fuel prices will be reduced by half a shekel per liter
The Finance Committee unanimously approved the reduction in the tax on fuel.
The move is expected to lower fuel prices by half a shekel starting at midnight, for a period of two months for diesel and three months for gasoline.
Finance representatives noted that as prices remain high, it will consider a further reduction later in the year
Between Ashkenazi
13/04/2022
Wednesday, 13 April, 2022, 10:37 Updated: 11:13
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The reduction in fuel prices will take effect tonight at midnight, after the Knesset Finance Committee unanimously approved a NIS 850 million reduction in the provision for a property tax fund, a reduction that will help the government finance the reduction in fuel prices in Israel.
The reduction in the price of fuel will amount to a discount of 50 cents per liter of gasoline and diesel at the final price to the consumer, and will apply to the second quarter of the year.
In the case of diesel, the reduction will apply to two months, and in the case of gasoline to three and a half months.
However, the Treasury noted that the reduction is for two months in diesel and three and a half months in gasoline, assuming gasoline is more relevant to the general public.
It was stated that the calculation is that the discount will include NIS 550 million in gasoline, NIS 170 million in diesel, plus VAT and other small related expenses.
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To the full article
Less and still painful.
Fuel prices will drop tonight at midnight by half a shekel per liter (Photo: ShutterStock)
Between fuel and property tax
Property tax regulations stipulate that each year 25% of the purchase tax collected by the Tax Authority will be set aside for the fund, with the Minister of Finance approving the rate with the approval of the Finance Committee
. To finance NIS
1.65
billion for the needs of the economic plan to lower the cost of living in Israel, and now the provision for this year will be 0%, to finance the reduction in such fuel.
Accompanied by a high growth rate, and against this background it is proposed to reduce the provision to the fund, so that it will finance the reduction of revenues involved in the reduction of fuel prices in Israel
. And amounted to NIS 3.2 billion.
Chairman of the Finance Committee, MK Alex Kushnir: "The money is returned to the public" (Photo: Reuven Castro)
An end to the boycott by the opposition?
Despite the delicate political situation in which the government finds itself, the reduction in fuel prices was made possible, among other things, due to fruitful cooperation between all members of the opposition committee and the coalition, as could be deduced from MK Yinon Azulai (Shas): "Fuel prices, despite the great cynicism they showed towards me and my friends from the opposition that we proposed the move."
The chairman of the Finance Committee, MK Alex Kushnir: "This move will significantly reduce the expenditure on each refueling by tens of shekels and the monthly expenditure for each family by hundreds of shekels. And we are currently returning the money to the public. "
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