price of a liter of 95 octane gasoline will skyrocket Monday night to NIS 7.05 per liter

World oil prices are soaring against the backdrop of the war in Ukraine - and the rise is also reaching fuel prices in Israel: The Ministry of Energy announced today (Sunday) that the price of a liter of 95 octane gasoline will skyrocket by 34 cents on Monday night, reaching a maximum of NIS 7.05 per liter. A surcharge for service will be 21 cents per liter.
The price of fuel is determined on the basis of an average weighting of petrol prices in Europe, in the five trading days preceding the last two working days of each month. The result is multiplied by the value of the dollar on the fifth trading day, plus local costs - marketing margin and taxes.
Chen Bar-Yosef, director of the Ministry of Energy's Fuel and Gas Administration, said: "The rise in crude oil prices has accompanied the past month, both due to tensions on the Russia-Ukraine border and the fact that many countries around the world are returning to almost full activity following the fifth corona wave. Moving to Ukraine led to a further rise in oil barrel prices, which crossed the $ 100 threshold last Thursday.
"On Friday, after it became clear that the sanctions imposed by the West do not include sanctions in the field of energy, there was a moderation in the price of the barrel, but it is still significantly higher than the price at the end of last month. The highest since 2014, we will return and recommend comparing prices between the stations and of course drive carefully. "