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Price at the Pump Likely to Pass 6 Shekels a Liter
Reported: 05:52 AM - Oct/30/07
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(IsraelNN.com) The government's monthly adjustment of the price ceiling of gasoline at the pump Wednesday night is likely to push the cost for filling the gas tank past six shekels ($1.50) a liter. Crude oil on the world markets topped $93 a barrel late Monday night. Analysts have been predicting for months that crude oil will top $100 a barrel.
The resulting hike in gasoline will put upward pressure on the consumer price index, but an offsetting factor is the appreciation of the shekel. The value of the dollar has dropped to 3.98 shekels to the dollar, close near the seven-year low of 3.95.
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