Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich have agreed to cut the fuel excise tax, lowering the price of gasoline in Israel by 50 agurot per liter. The order signed by Smotrich will take effect at midnight. The price of a liter of gasoline will fall from 8.27 shekels to 7.77 shekels, providing drivers with a saving of 50 agurot per liter.
Netanyahu and Smotrich said the move was prompted by the sharp rise in fuel prices worldwide and is intended to shield Israeli consumers from a similar increase. "At a time when the price of fuel is surging across the world, we make sure it does not surge in Israel," they said.
The two ministers also addressed electricity prices, attributing Israel's relatively low rates to the development of natural gas fields and increased competition in electricity generation. "Israel's electricity price is among the lowest in the West as a result of our insistence on developing the gas reservoirs and opening up competition in electricity generation. Israel's economy is breaking records again. We will continue steering it responsibly."