Gas pump (illustration)
Gas pump (illustration)Thinkstock

On Saturday night, gas prices in Israel are expected to drop by 3.84%.

The maximum price a consumer will pay for lead-free 95 octane gasoline will be lowered to 5.78 NIS per liter, representing a drop of 23 agorot from the previous month. In Eilat, the same gasoline will cost 4.92 NIS per liter, representing a 20 agorot drop from the previous month.

Full service will remain unchanged, at an extra 19 agorot per liter for most Israelis, with Eilat residents will pay an extra 16 agorot per liter.

The upcoming price drops are a result of the shekel's growing strength against foreign currencies, as well as a drop in the price of distilled crude oil in the global market.

Taxes represent approximately two-thirds of the price of gas, while the gas itself represents 22% of the price and the cost of distribution represents 11%.