Minister of finance Avigdor Lieberman: The tax on fuel will be reduced by half a shekel

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by Ifi Reporter Category:Government Apr 5, 2022

The tax on fuel known as "blo" will be reduced by half a shekel, Finance Minister Avigdor Lieberman announced today (Tuesday), despite the opposition of professional ranks. The reduction will be made for the next quarter only, after which a reassessment will be made as to whether to continue the extension. The reduction will be implemented immediately and is subject to the approval of the Finance Committee.
The decision was made against the background of rising world energy prices. About a week ago, the price of a liter of 95-octane gasoline jumped by 39 agorot and reached NIS 7.44 per liter - a record since August 2014. 51% of the price of fuel stems from the excise tax on fuel. A reduction of half a shekel will now lower the price of fuel to less than 7 shekels per liter.
Lieberman said that the decision to reduce the excise tax was made after an in-depth examination by the Ministry of Finance. "The price of fuel depends on the performance of the economy and prices in international markets. I work quarterly. We will look at the issue again in a quarter," he told a news briefing today.
Only yesterday, the director general of the Ministry of Finance, Rami Blinkov, expressed opposition to lowering the excise tax on fuel. At a conference of the Calcalist newspaper, Blinkov was asked if there was such an intention and replied: "Not everything they did in previous governments should be done today. The state's annual tax revenue on gasoline for cars is NIS 10 billion and on diesel another NIS 8 billion. A total of NIS 18 billion a year. Giving up such income is not easy, it's a lot of money. "
World's fuel prices are rising sharply due to the war in Ukraine. At the end of last month, the price of a liter of gasoline in Israel rose by 39 agorot and the price of one liter rose to NIS 7.44.
The pressure exerted on the Minister of Finance was great because for a long time the price of gasoline in Israel was not higher than seven shekels per liter. In Israel, taxes on fuel are among the highest in the world, and until the decision to reduce the tax, the rate of taxation on fuel in Israel reached about seventy percent. This is why prices during the last crisis did not rise meteorically. 
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