Israel gasoline prices hit record high of 8.25 shekels per liter

Gasoline prices in Israel have reached a record high, with the price of 95-octane fuel rising to 8.25 shekels per liter. This increase follows a significant jump of 61 agorot last month, resulting in a cumulative rise of 77 agorot over just two months.

Authorities attribute the surge to a roughly 6% increase in international gasoline prices, adjustments to excise taxes, and higher marketing margins. While a stronger shekel has partially mitigated the impact, the cost of a 50-liter tank now reaches 412.50 shekels, excluding service fees.

In response to the rising costs and the resulting political pressure, Prime Minister Benjamin Netanyahu and Minister Bezalel Smotrich are reportedly pushing Ministry of Finance officials to implement rapid price reductions. The government faces criticism regarding previous campaign promises to lower fuel costs, particularly as the current administration removed previous mechanisms, such as floating tax systems, that had helped stabilize prices below 7 shekels.