Below 7 shekels: The price of fuel will drop by 1.5 shekels per liter tonight

July 31, 2022   

The price of fuel will drop tonight at midnight (Sunday through Monday) by one and a half cents per liter. The maximum price per liter of unleaded 95 octane gasoline for consumers at a self-service station (including VAT) will not exceed 6.58 NIS per liter - a decrease of 1.5 NIS from the previous update. A surcharge for full service will be 21 agorot per liter (including VAT), unchanged from the previous update. The maximum price per liter of unleaded 95 octane gasoline for consumers at a self-service station in Eilat (excluding VAT) will not exceed 5.63 NIS per liter, a decrease of 1.27 NIS from the previous update. A surcharge for full service will be 18 agorot (excluding VAT), unchanged from the previous update. The reasons for the reduction: the order to reduce the excise tax by an additional 50 agorot, signed by Finance Minister Avigdor Lieberman, and the decline in global oil prices in the past month. At the same time, during the month the dollar weakened against the shekel, from 3.5 shekels to the dollar on June 31, to only 3.41 shekels on July 31. Since the price of fuel is determined based on global oil prices converted from dollars to shekels, the weakening of the dollar lowers fuel prices for the Israeli consumer. The additional reduction will only be in effect during the month of August, while the previous reduction will remain in effect until January 31, 2023. The excise tax on diesel fuel was also reduced by 50 agorot until the end of 2022.