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5 clusters · 11 sources · 55 days · First seen · Last updated

Israel gasoline price fluctuations and tax response

Overview

Gasoline prices in Israel reached a record high of 8.25 shekels per liter for 95-octane fuel. This surge was attributed to rising international prices, excise tax adjustments, and higher marketing margins. The price increase led to political pressure on the government to fulfill previous promises to lower fuel costs.

In response, Finance Minister Bezalel Smotrich signed an order to reduce the fuel tax by 0.5 shekels per liter for two months. This measure was intended to lower the price of 95-octane gasoline to 7.75 shekels per liter and alleviate the financial burden on citizens. Smotrich noted that global tensions, including the conflict involving Iran, have contributed to rising energy costs. However, the decision faced opposition from budget officials, the Tax Authority, and the Chief Economist, who warned that the tax cut could increase the national deficit.

Following a similar tax cut in September, Prime Minister Benjamin Netanyahu announced a further reduction in fuel prices by half a shekel per liter, effective at midnight. This decision, made in agreement with Smotrich, aims to lower the price of gasoline from 8.27 shekels to 7.77 shekels per liter. Netanyahu stated that while global fuel prices are rising, the government is working to ensure they do not rise in Israel. This second reduction in two months comes amid an election campaign, despite concerns from Ministry of Finance officials regarding an ‘election economy.’

Entities

Bezalel Smotrich · Benjamin Netanyahu · Israel Ministry of Finance · Finance Ministry · Israel

Timeline

  1. [BUSINESS] 3 sources
    Israel faces rising fuel and egg prices

    Israel anticipates significant price hikes for fuel and eggs due to expiring tax cuts, rising global oil prices, and increased poultry production costs.

  2. [BUSINESS] 2 sources
    Israel to reduce fuel prices by half a shekel per liter

    Israeli Prime Minister Benjamin Netanyahu announced a fuel price reduction of half a shekel per liter, lowering gasoline costs from 8.27 to 7.77 shekels amid an ongoing election campaign.

  3. [BUSINESS] 2 sources
    Israel faces rising fuel and consumer goods prices

    Israel faces rising costs as fuel prices climb due to Strait of Hormuz tensions and new import control fees increase the price of consumer goods like food and hygiene products.

  4. [BUSINESS] 3 sources
    Israel to reduce gasoline prices following fuel tax cut

    Israeli Finance Minister Bezalel Smotrich has ordered a two-month fuel tax reduction to lower 95-octane gasoline prices to 7.75 shekels per liter.

  5. [BUSINESS] 2 sources
    Israel gasoline prices hit record high of 8.25 shekels per liter

    Israel's gasoline prices have hit a record 8.25 shekels per liter for 95-octane fuel, driven by international market shifts and tax adjustments, prompting political pressure for government intervention.

Sources

alfajertv.com · bnews.ps · elbalad.news · europesays.com · infos-israel.news · jforum.fr · lugarministerial.com · matzav.com · palsawa.com · pnn.ps · sadanews.ps

This summary has been updated 2 times: see revision history