Gasoline prices are rising again in Israel.
The price of a liter of gas will jump this week on June 1 by 66 agorot per liter to reach its highest price since 2013, when it cost NIS 7.95.
The maximum price for a liter of unleaded 95-octane gasoline at a self-service pump (including VAT) will be NIS 7.72 — about $9 a gallon — with a supplement of 21 agorot per liter for full service.
That same liter of self-service gasoline will cost only NIS 6.60 in Eilat – an increase of 56 agorot, with a supplement of 18 agorot for full service.
The price hike is a 10 percent jump since last month alone – the sharpest rise since June 2009.
The cost of gasoline has risen by a whopping 20 percent in the past 12 months.
The price of fuel in June 2021 was NIS 6.13 per liter.
The highest price ever recorded for gasoline in Israel was in 2012, when a liter of fuel cost NIS 8.25.
Energy Ministry fuel division director Chen Bar-Yosef told Ynet there were four reasons for the dramatic price increase:
There has been a 20 percent increase in the price of oil;
- There has been a 1 percent increase in the average exchange rate;
- There has been a rise in the VAT (sales tax) following the rise in the price of fuel;
- The price of gasoline rose this weekend, just in time for the Memorial Day weekend holiday, as car owners prepared for long-term vacations and long weekends.
Specifically, there was a dramatic rise on Friday in the price of fuel in the United States.
There was also a 53 percent rise in the price of gasoline on the international market from early February up to the end of this month, attributed to the war in Ukraine.