Israel to Lower Gas Prices by Half a Shekel per Liter Following Excise Tax Cut

The price of gasoline will drop to NIS 7.77 per liter following an order signed by the finance minister to reduce the fuel excise tax.

The consumer price of gasoline in Israel will decrease by half a shekel per liter starting October 5, The Jerusalem Post and JDN reported. Following the decision, the price per liter will drop from NIS 8.27 to NIS 7.77.

According to JDN, the price reduction will take effect at midnight, following a period in which fuel costs climbed to an all-time high. The move comes after Finance Minister Bezalel Smotrich signed an order approving an additional reduction in the fuel excise tax.

Further details regarding the duration of the order have not yet been released.