Israelis will see a sharp drop in gasoline prices next month, according to a report Monday night by Israel’s Channel 13 News.
The price of a liter of self-service 95 octane gasoline is expected to drop by 35 agorot to NIS 6.23, the lowest price seen since June 2021, on Wednesday night at midnight.
In July, the price of a liter of gasoline rose from NIS 7.72 to a whopping NIS 8.08, closing in on the country’s 2012 all-time record price when gasoline cost NIS 8.25 per liter, and the fourth such price hike since January 1.
The price then dropped significantly in August to NIS 6.79 per liter.
However, it is the excise tax that plays a central role in the determination of gasoline prices.
Finance Minister Avigdor Liberman of Finance said he has only obtained approval for a NIS 1 per liter cut in excise tax for August, but added that he is working around the clock to overcome legal issues and extend the excise cut until November 15, two weeks after Israel’s national elections.
