Photo Credit: Flash 90
Filling up at a Paz gas station. (illustrative only)

The price of gasoline in Israel is again likely to rise next month when a temporary cut in the excise tax on fuel ends on December 1, according to the Globes business news site.

Unless that cut is extended again — it was extended for the final two weeks of November — the price of fuel will jump again.

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As of November 14, the price of a liter of 95 octane gasoline as NIS 6.67 ($7.40 / gallon).

The news comes as the Bank of Israel Monetary Committee mulls the option of once again raising the interest rate. Such a move would be the sixth time this year the Bank has decided to raise the rate. Analysts are split on whether such an increase would be 0.5 percent or 0.75 percent.

Israel’s annual inflation rate rose to 5.1 percent last month, from 4.6 percent in September.

An announcement on the Bank’s decision is expected on Monday (Nov. 21).

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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for Babble.com, Chabad.org and other media outlets, in addition to her years working in broadcast journalism.