Gasoline prices in Israel rose to the highest level in 14 years

A liter of gasoline amounted to 8.25 shekels (about 2.75 dollars) for 95 octane gasoline at self-service stations.

According to the announced data, this increase represents an increase of 16 agora (about 0.05 dollars) per liter compared to the maximum prices last August.

If the full service is requested by the station employee, a fee of 26 agora (about $0.08) per liter is added, which raises the total price of a liter of 95 gasoline to 8.51 shekels (about $2.82). Thus, the maximum cost of gasoline, which is subject to government regulation, reached its historical peak, which had not been recorded for exactly 14 years in September 2012.

In an analysis of the reasons behind this rise, the Israeli economic newspaper Globes indicated that the main factor is the rise in the cost of gasoline in international markets by about 6%.

Although this global rise was partially reduced thanks to the strengthening of the value of the local currency (the shekel) by 3% against the US dollar, the final result of these factors led to an increase in the price of gasoline by about 10 agorats.

The economic sources added that the remaining increase, estimated at about 6 additional agoras, came as a result of the indexation of the excise tax (the special tax on fuel) and the increase in commercial profit margins approved for gas stations, which exacerbated the financial burden on the Israeli consumer at the beginning of this month.