Israel Gas Prices to Reach 8.30 NIS as Minister Considers Tax Relief Extension
Israeli gasoline prices will rise to about 8.30 NIS per liter from Saturday midnight, driven by global oil trends. Finance Minister Bezalel Smotrich is expected to extend the temporary tax cut to prevent a steeper surge.
Gasoline prices in Israel are set to rise to approximately 8.30 NIS per liter starting Saturday night, remaining near historic highs despite avoiding a feared surge to 9 NIS per liter. The current price stands at 7.77 NIS per liter, sustained temporarily by Finance Minister Bezalel Smotrich through a tax reduction costing the state budget 326 million NIS monthly.
The Fuel Administration at the Ministry of Energy will publish the final updated rate, reflecting an expected hike of roughly 30 agorot. This increase is driven by rising global oil prices amid expectations of a potential military confrontation with Iran, alongside the strengthening of the US dollar following recent election outcomes.
Meanwhile, the temporary fuel tax cut is officially scheduled to expire on November 3. Finance Minister Bezalel Smotrich plans to convene a special meeting to approve a one-month extension of the tax relief. If approved, this will mark the third consecutive month of the subsidy, bringing the total cost absorbed by the state budget to approximately 800 million NIS.
