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Israel raises fuel prices by approximately 15%
Israel’s Ministry of Energy and Infrastructure announced recently that starting April 1st, the price of 95-octane gasoline will be raised to 8.05 shekels per liter (approximately $1 equals 3.14 shekels), an increase of 14.7% from the current 7.02 shekels per liter.
The statement said that the fuel price increase was mainly due to a roughly 49% rise in regional fuel prices.
In addition, the exchange rate also increased slightly by about 2%, which to some extent raised Israel’s import costs and further drove up fuel prices.
In Israel, gasoline prices at gas stations are determined by the Ministry of Energy and Infrastructure at the end of each month based on the average fuel prices in the Mediterranean region and the local currency exchange rate.
Israeli media reported that the price of 95-octane gasoline after the increase is the highest in over three years, only second to the 8.08 shekels per liter in July 2022.
According to Israel Public Broadcasting, the government is considering intervening to curb the price increase by lowering fuel consumption taxes.
However, the Ministry of Finance opposes this move, citing that the war has significantly increased government spending and that fuel tax revenue must be maintained to meet fiscal needs.
(Xinhua News Agency)