Fuel prices to stay steady despite falling cost of oil

Despite a drop in oil prices, Israelis won’t see any new relief at the pump when the calendar rolls over to October, the Energy Ministry announces.

A 10 agorot per liter drop in the cost of CIF MED fuel oil will be matched by a 10 agorot per liter hike in the gas tax, leaving the price at NIS 6.37 per liter ($6.81 per gallon).

At NIS 2.62 per liter, the gas tax is still below the NIS 2.70 Finance Minister Avigdor Liberman dropped it to in April, when Israelis were paying NIS 7.44 per liter ($7.93/gallon) for gas.

Gas prices have fallen since hitting a high of NIS 8.08 per liter ($8.61/gallon) in July.

The government sets a maximum price for gas monthly. While fuel providers can lower prices below the cap, few do.

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