The price of gasoline at the pump is set to drop 1.2% midnight Saturday, bringing the price of 95-octane gasoline to NIS 7.36 per liter ($8 per gallon) at self-service stations, a drop of NIS 0.09.

In Eilat, where there is no sales tax, the price of 95-octane gasoline is to fall by NIS 0.07 to NIS 6.24 per liter ($6.77 per gallon).

The service charge at full-service pumps around the country remains NIS 0.18 ($0.05) per liter.

The new prices are set to be updated at gas stations throughout the country by the Saturday midnight deadline.

The price change is due to a “drop in the average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin, and the stable shekel-dollar exchange rate during January,” the Globes business journal reported on Thursday.

According to government data, some 57 percent of the price of gasoline in Israel is due to various taxes imposed on the fuel, News1 reported.