Israel Gasoline Prices to Drop Saturday, Steep Hike May Follow

The price of 95 octane fuel will fall by NIS 0.42 on November 1, while the Finance Ministry weighs extending tax relief ahead of a potential sharp hike.

The maximum price of 95 octane gasoline at self-service pumps in Israel will drop by NIS 0.42 at midnight on Saturday to NIS 7.35 per liter, the Ministry of Energy and Infrastructure announced, as reported by Arutz Sheva and Globes.

However, the price relief may be short-lived: according to Globes, fuel prices are set to jump by NIS 1 per liter on November 4. Amid concerns over the sharp hike, i24NEWS reported that the Ministry of Finance is considering once again extending the fuel excise tax reduction in an effort to curb the increase.