Gasoline prices will drop for the third month in a row, the Energy and Water Resources Ministry said Thursday.
Prices for self-serve 95-octane will fall to NIS 7.27 per liter, a 2.15 percent drop over June.
The reduction in the price of gasoline is the most recent in a series of cuts, after charges reached an all-time high in April.
One reason for the earlier record-high cost of fuel, was the result of newly-imposed sanctions on Iran, limiting the supply of oil. The government’s taxation policy accounted for an additional portion of the hike in the cost of gas.
Prices of crude have dropped worldwide as Saudi Arabia has stepped up production to make up for embargoes on Iranian oil.
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On Wednesday, prices for a barrel of oil fell to just above $79 dollars.
Crude has fallen to near eight-month lows and from $106 less than two months ago amid signs economic growth and oil demand are slowing in the US, Europe and China.
The Associated Press contributed to this report.
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