Plunging oil prices mean gasoline prices will fall further than expected in September, despite the tax hike.
Gasoline prices are expected to fall more sharply than previously expected at midnight on Monday due to the drop in oil prices on global markets in the past few days. The price of 95 octane gasoline will be cut in September by NIS 0.25 to NIS 6.05 a liter (self-service). The price would have been cut by NIS 0.30 but the government is raising excise tax by NIS 0.05.
In fact oil prices have fallen about 18% in August while the shekel has weakened by about 2% against the shekel. But tax now accounts for more than 50% of the price of gasoline in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
Sonol gas station