The maximum price of 95 octane self-service gasoline rose to NIS 7.27 at midnight.
After marathon discussions between the Ministry of Finance and Ministry of National Infrastructures, it was decided that the price of gasoline will rise by NIS 0.05 at midnight Wednesday. The maximum price of 95 octane self-service gasoline will be NIS 7.27. Employing a pump attendant to fill a vehicle will add NIS 0.20 to the price of a liter of gasoline.
The price rise stems from a rise in excise and the strengthening of the dollar, which put up the price by about NIS 0.30 per liter. At the same time the price of a barrel of oil on global markets has fallen 10% over the past month, and Minister of Finance Yuval Steinitz and Minister of National Infrastructures Uzi Landau signed an order lowering the marketing margins of the fuel companies.
The price of self-service 95 octane gasoline on August 1 was supposed to rise by NIS 0.31 per liter to NIS 7.53, a near all-time high. However, at the last moment Steinitz signed a directive cutting the excise - which accounts for 40% of the retail price of gasoline - by the amount of the increase. The directive was valid until September 1. Steinitz has now decided to raise excise by NIS 0.25.
Published by Globes, Israel business news - www.globes-online.com - on August 31, 2011
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