Gas prices in Israel could drop by as much as 30 agorot per liter on June 1, as a result of a fall in global oil prices, Israeli analysts said on Monday.
The cost of oil has dropped by as much as 14% since the start of May, with prices plummeting from $115 per barrel to as low as $91.
Gas in Israel, which is price controlled, currently costs NIS 7.65 per liter. The price dropped 2 percent in May after several successive hikes that saw the price near a record NIS 8 per liter. Prices as the pump are set by the government at the beginning of every month.
Crude oil has dropped from $106 a barrel in the first week of May amid fears a chaotic exit from the euro currency by Greece would deepen economic malaise and weaken crude demand in Europe. Easing tensions over Iran’s nuclear program amid talks between Iran and six world powers have also helped lower oil prices, though those talks saw no results.
The Associated Press contributed to this report.
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