Gasoline prices to rise at midnight, hitting 3-year high

Due to increased global demand for fuel, costs increase by 23 agorot, reaching NIS 6.62; steady hike seen since May 2020, after first COVID-19 lockdown

By ToI Staff 31 October 2021, 9:42 pm

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Illustrative: A woman fills her car's gas tank, at a gas station in Jerusalem, on March 31, 2019. (Hadas Parush/Flash90)

The price of gasoline will rise by 23 agorot (approximately 7 cents) at midnight on Sunday, marking a 3.6 percent rise in the cost of fuel from a self-service pump.

The new price of NIS 6.62 ($2) per liter of 95 octane gasoline (including VAT), continued an upward trend since May last year, when the price was NIS 4.79 ($1.4).

While the new price broke a three-year high, it was still far from the record of NIS 8.25 ($2.65) in 2012, according to Hebrew-language media reports.

The trend is expected to continue, given higher global demand for fuel, according to the Calcalist business daily.

The sudden decline in gas prices seen in May last year was blamed on the onset of the coronavirus pandemic and related lockdowns.