Gasoline prices will rise on Tuesday by 0.33 shekel per liter and amount to NIS 7.17

The price of fuel will rise to NIS 7.17 per liter in self-service in February, starting at midnight between Tuesday and Wednesday. This is a jump of 33 shekels per liter compared to its current price, and this is the highest price per liter since July 2022, when it was NIS 8.08 per liter, before the fuel tax was reduced by a whole shekel by the previous government. As of today, the tax reduction on fuel is only 13 cents.
The Fuel and Gas Administration at the Ministry of Energy publishes each month the fuel prices for the following month, based on the calculation of the average fuel prices in the Mediterranean Basin region on five trading days, preceding the last two working days of each month. The formula for calculating fuel prices consists of various components, among them: price per liter of gasoline in the Mediterranean basin as traded on the days of the quote, basket of marketing expenses, excise tax, value added tax. The formula is determined according to the last representative exchange rate published by the Bank of Israel on the day preceding the two working days before the day of the update. The weighted price increased by almost 5% compared to the previous update.
A week ago, the price of fuel dropped by 10 shekels to NIS 6.84 per liter in self-service, following Finance Minister Bezalel Smotrich's signing of the orders to reduce the purchase tax and the excise tax on gasoline - following the extension of the cancellation of the coal tax that began last year by the previous government.
Now it seems that it will be difficult for the Prime Minister and the Minister of Finance to announce another tax discount on fuel after only a few days ago the new formula was determined.
Chen Bar Yosef, Director of the Fuel and Gas Administration at the Ministry of Energy, clarified that "the increase in prices this month is part of an increase in international prices both in oil prices and moreover in gasoline prices. The reasons for the increase are the continuation of the sanctions on Russian oil cargoes and their worsening, plus the weather. The severe storm that hit the central US at the beginning of the month led to the shutdown of refineries and the reduction of supply in the US and increased demand for gasoline and jet fuel. These amounted to the price increase experienced at the station.
"We recommend drivers to compare prices and choose the most worthwhile station for them."