Gasoline prices to drop in April
Government cites lower global fuel prices and the devaluation of the US dollar as reasons for 38-agorot decrease
After several months of hovering just under the NIS 8-per-liter mark, fuel prices in Israel are set to drop significantly late Monday night — to NIS 7.57 ($2.08) per liter of self-service 95-octane.
The cost for full-service refueling will now stand at NIS 7.85 ($2.15) per liter.
The Ministry of Energy and Water Resources said the 38-agorot reduction is due to an 8-percent drop in fuel prices worldwide and a 3% drop in the value of the US dollar.
Gas prices fluctuated throughout 2012. Twice during the year, Prime Minister Benjamin Netanyahu intervened and lowered the fuel tax, taking the sting out of the price hikes. In July, prices hit a low of NIS 7.27 per liter before rising again in August and September.
In August 2012, the Globes financial daily reported that gas prices in Israel are the third highest in the world, behind only Norway and Turkey.
One month after that report, on September 1, gas prices in Israel hit an all-time high of NIS 8.25 per liter before dropping to NIS 7.96 at the beginning of October.
International sanctions against Iran, which have resulted in higher global oil prices, are one explanation for the rising fuel costs. Critics have also blamed local tax increases.