Fuel Prices Drop by 50 Agorot Following Smotrich's Excise Order
Finance Minister Bezalel Smotrich reduced fuel prices by 50 agorot per liter to 7.77 NIS, bringing the total reduction to one shekel amid budget concerns.
Finance Minister Bezalel Smotrich signed an order to reduce the excise tax on fuel, which comes into effect at midnight between Sunday and Monday, lowering the price of fuel by half a shekel per liter to 7.77 NIS per liter for self-service.
Last week, the price of fuel surged to an all-time high of 8.27 NIS per liter. Legal authorities approved Smotrich's request to sign a temporary order reducing the price for the coming month. Combined with a previous reduction approved last month, fuel prices have dropped by a full shekel compared to the real tariff, with the subsidization cost during the election month reaching 300 million NIS.
This expected price cut follows a previous 50-agora reduction signed by the minister last month. Channel 13 previously reported that professional officials in the Ministry of Finance opposed Smotrich's move over concerns about potential budget overruns and inefficient use of subsidized fuel.
