Israel's gasoline prices will fall by 42 agorot per liter on November 1, before rising again on November 5 despite a temporary extension of the fuel tax reduction.
Gasoline prices in Israel are set to fall at midnight Saturday, only to rise again four days later, following a decision by Finance Minister Bezalel Smotrich to extend a partial reduction in fuel taxes.
According to Calcalist, the maximum price of 95-octane gasoline at self-service stations will drop by 42 agorot per liter, from NIS 7.77 to NIS 7.35, beginning November 1. The reduction represents a 5.4% decrease.
The relief will be short-lived. On November 5, gasoline will climb to NIS 7.85 per liter, following Smotrich's decision to retain only half of the existing NIS 1-per-liter fuel tax reduction.
Without the extension, the price would have climbed to NIS 8.35 per liter, setting a new record. The current order is scheduled to expire on December 5.
According to the Energy Ministry, the initial price reduction is primarily due to a 13.2% decline in international gasoline prices, partially offset by a 2% strengthening of the US dollar against the shekel.