Price of fuel in Israel will decrease about 20 agorot, to about NIS 6.42 per liter

According to estimates, the price of fuel in Israel will decrease by midnight between Tuesday and Wednesday by about 20 agorot, to about NIS 6.42 per liter of self-service octane 95 fuel. This is compared to the peak in recent years to which the price of fuel in Israel jumped at the beginning of November - NIS 6.62 per liter. The reduction is expected after a rise in the price of NIS and 29 agorot since November 2020, when the price of a liter of 95-octane fuel was only NIS 5.34.
The significant reduction is due to the sharp decline in world oil prices in recent weeks. However, the reduction could have been higher on December 1, both due to the continued fall in world oil prices by 10% over the weekend, due to the discovery of the new and worrying strain of the corona virus, and due to the significant rise in recent days against the dollar against Israel. .
The price of fuel is calculated according to its price in the Mediterranean Basin five business days before the date of publication of the new price in Israel for next month, weighted by the dollar exchange rate.
It is estimated that world oil prices will fall further in the coming days, as the severity of the spread of the new strain of corona virus, known as omicron, becomes clear. However, in such a case, a further reduction in the price of fuel in Israel will occur only at the beginning of January 2022, according to oil prices and the dollar exchange rate at the end of December.
The minimum price of a liter of 95 octane fuel was recorded in May 2020 - NIS 4.79 and the maximum price was recorded in September 2012 - NIS 8.25. The official announcement of the final price to be set by the Ministry of Energy per liter of fuel will be published as usual, one day before November 30.