The price of fuel decreased by NIS 1.5 today (Sunday) at midnight, after its price had soared and reached NIS 8.08, thus setting a decade high rate.
The current price will be NIS 6.58 per liter.
The supplement for full service will be 21 cents per liter (including VAT), unchanged from the previous month.
Chen Bar Yosef, Head of the Fuel and Gas Administration at the Ministry of Energy: "The drop recorded in gasoline prices this month is the sharpest drop in Israel in one month. The previous drop, amounting to one shekel, was at the beginning of the Corona virus in April 2020. Also, a drop 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 decreased only in the month of August and will rise again at the beginning of September. The decrease in the price of gasoline itself continues throughout the month in the prices and products of fuel in the world. The decrease in gasoline prices was the most significant and is due in part 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 a rise in prices and a jump in global inflation."
The drop in price comes following the entry into force of Finance Minister Avigdor Lieberman's order to lower the excise tax on fuel by half a shekel, as well as following the sharp drop in the price of oil that occurred last month.
According to estimates, the drop in the price of oil, combined with the drop in the exchange rate of the dollar against the shekel, is expected to reduce the price of fuel by about 80 shekels, so that together with the tax reduction, the amount of the discount will reach about 1.5 shekels per liter.
According to the decree of the Treasury, the reduction in excise tax will be valid until August 31 only.
It may not be necessary to continue the discount following the moderation in oil prices.
It is important to note that the fuel price for the month of August has not yet been officially determined, and it will be published by the Ministry of Energy this coming Sunday.
The price of a liter of self-service 95 octane gasoline rose by 36 agora in July, after additional increases that preceded it.
A previous decision by Finance Minister Lieberman, which went into effect in April and is set to expire at the end of this month, has already resulted in fuel being half a shekel cheaper.
The minister's office is now reporting that he intends to sign a decision in the coming days that will extend that reduction, and add another half shekel to it, so that the price of fuel will be reduced by one shekel from the beginning of this August.
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