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In Israel, the price of gas will rise at midnight after the Nov. 1 election

The 69.7% of Israeli households that own a vehicle are looking at $7 per gallon

Illustrated image of a man fueling his car at a gas station in Jerusalem, June 28, 2022. (Photo: Olivier Fitoussi/Flash90)

The Israel Ministry of Energy and Water Resources announced that the price of gasoline in the country will rise by 9 agorot (2.5 cents) per liter on Tuesday night at midnight, following the Nov. 1 election. 

The price hike will bring the total price for one liter of 95 octane fuel, self-service, to 6.46 NIS (about $7 per gallon compared to the average price in the United States of about $4 per gallon). 

The price for full-service fuel will remain at the equivalent of $7.20 a gallon. In Eilat, which does not charge value-added tax, the price per liter will stand at 5.52 NIS (or $5.80 per gallon), with full-service fuel costing about $6 per gallon.

Such price changes in Israel usually take place at midnight between the last day of a month and the first day of the following month; however, this month’s hike was pushed back a day in light of the elections. 

Recently, the Israeli government has been reducing the excise tax on gasoline in an attempt to control inflation, despite accusations of playing election economics. The NIS 1 per liter reduction in excise tax is scheduled to be removed this month and a steep rise in prices is possible for December, although Israel’s Minister of Finance Avigdor Liberman has not decided yet whether he will extend it. 

The price of oil has risen 17% over the last month to $96 per barrel. At the end of September, oil cost $82 per barrel, the same as it was in January before the Russian invasion of Ukraine. 

Government-controlled 95 octane gasoline at self-service pumps experienced a high of 8.08 NIS per liter in July.   

Read more: ECONOMY

The All Israel News Staff is a team of journalists in Israel.

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