The maximum price of 95 octane gasoline at self-service pumps in Israel will fall by NIS 0.21 per liter, from NIS 5.99 to NIS 5.78 on January 1 - tomorrow at midnight. This reflects a 3.51% fall in the price of gasoline.
The price fall includes a NIS 0.03 fall in excise which will be updated at the start of 2016. But most of the latest price fall is due to a 16% drop in the price of a barrel of Brent crude over the past month.
Gasoline prices in Israel rose very slightly on December 1, ending four-straight previous months in which prices fell to the lowest since 2009.
The price of fuel in Israel is set according to the price in the last four days of the month at Lavera in France.
The NIS 0.19 per liter charge at full-service pumps remains unchanged. In Eilat, where no VAT is charged, the maximum price of 95 octane gasoline at self-service pumps will fall by NIS 0.18 per liter to NIS 4.94.
Even after the latest fall, gasoline prices are 189% higher than in the US and it is worth remembering that when Brent crude was the same price in 2004, a liter of 95 octane in Israel cost only NIS 5.
Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015