The Globes financial newspaper reported the gas prices are set to rise to over NIS 7 per liter on July 1. Currently, gas prices range between NIS 6.83 and 6.73 for standard 95 octane gasoline. 

The paper reported that the price hike has less to do with the rising price of petroleum-linked products and is more connected to the depreciation of the Israeli shekel against the US dollar during June.