Midnight: The price of fuel will drop sharply by by NIS 1.5 to a maximum of NIS 6.58 per liter

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by Ifi Reporter Category:Financial Jul 31, 2022

After six consecutive months of increases, fuel prices will drop sharply tonight at midnight - according to the Ministry of Energy announcement. The decrease is recorded following the drop in oil prices in the world in the last month, and after last week the Ministry of Finance published an order that expands the reduction of the excise tax on fuel to NIS per liter. The order that reserves the reduction of the excise tax on fuel will be in effect until the end of the month, after which it will be possible to extend it.
The drop in fuel prices this month is recorded after last month's prices reached NIS 8.08 per liter - the second price level in history. Last month, for the first time, the share of taxes in the price of fuel in Israel decreased to less than 50%.
According to the Ministry of Energy announcement, the price of a liter of 95 octane gasoline will drop tonight by NIS 1.5, reaching a maximum of NIS 6.58 per liter. Surcharge for service will be 21 cents per liter. The fuel price is determined based on a weighted average of gasoline prices in Europe on the five trading days preceding the last two working days of each month. The result is multiplied by the dollar value on the fifth trading day, plus local costs - marketing margin and taxes.
The prices starting tonight will still be high compared to the prices in the corresponding period last year, when a liter of gasoline went up by NIS 6.36, and from the price recorded in January of this year, when tensions between Russia and Ukraine began to intensify - which led to a jump in oil prices. The price is also significantly higher than the historic lows recorded in May 2020, at the height of the Corona crisis, when a liter of self-service gasoline cost NIS 4.79. The historical peak of fuel prices was in September 2012, when the price was NIS 8.25 per liter.
Prices in Israel during July were very high even in global comparison. Only Iceland and Hong Kong recorded higher fuel prices than Israel. It seems that the government will not be in a hurry to return the tax rate to its original rate, at least not before the elections that will be held in about a hundred days. It is hoped that world oil prices will continue to fall.

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