The Limited Times

Now you can see non-English news...

Israel continues to rise in price: fuel prices are expected to skyrocket again, Lieberman promises to lower prices Israel today

2022-06-28T07:44:26.722Z


The price will rise by 23 cents per liter - a record of a decade • Lieberman promised to extend the discount: "Despite the election campaign, I intend to focus on it first"


The wave of price increases continues:

According to estimates, the price of gasoline is expected to jump by about 23 cents per liter - an increase of about 3% - and will stand from July 1 at about NIS 7.95 per liter - a record of almost a decade.

The expected rise in prices is due to the continued rise in oil prices, against the background of the war between Russia and Ukraine and the rise in the dollar exchange rate.

It is important to note that these are estimates at this stage, and that the final price will be announced by the Ministry of Energy in the coming days.

Currently, more than half of the price of fuel is the taxes levied by the government (excise tax and VAT) - and this is a high tax rate compared to most developed countries.

Although the price of fuel is automatically updated according to the price of oil, the dollar exchange rate and other components - the government has the ability to influence.

Two and a half months ago, the government voluntarily reduced the price of fuel by half a shekel per liter, as part of plans to reduce the cost of living.

The cost of the move to the state coffers amounted to NIS 850 million, and the discount is expected to end at the end of July.

"Good for industry and the citizen"

Finance Minister Avigdor Lieberman recently announced that he will extend the tax reduction in four months, and that the discount rate will be one shekel instead of half a shekel.

"We have reached a point where I do not remember five months in a row of state revenue surpluses. We started a few months ago with the issue of reducing the tax on diesel. "If we lower it, it will affect inflation, reduce production and make the cost of living easier. As finance minister, despite the election campaign, I intend to focus on that first," he said at the Horowitz Conference on Economics and Society of the Israel Democracy Institute.

Minister of Finance in dramatic announcement: Fuel tax will be reduced // Photo: Ministry of Finance spokeswoman

The price of fuel has a dramatic effect on the cost of living in the economy - because it affects both household and business expenses, public transportation and flight prices, transportation costs and more.

Were we wrong?

Fixed!

If you found an error in the article, we would love for you to share it with us

Source: israelhayom

All news articles on 2022-06-28

You may like

Trends 24h

News/Politics 2024-03-27T16:45:54.081Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.