Gas prices are increasing again in Israel, this time significantly, on Wednesday night to Thursday 28 Menachem Av.

The average price for a liter of 95 octane unleaded gasoline at a self-service pump (including 17% value added tax) will be NIS 5.96, representing an increase of 27 agorot a liter from last month, a 4.75% increase. For one wishing to gas up at a full service pump, the price per liter is an additional 19 agorot, NIS 6.16 a liter.

Based on the Bank of Israel closing exchange rate for the US dollar to the shekel of NIS 3.78/$1 US, the cost of a price gas at a self-service pump following the increase will be $6.30 per gallon and for full service, $6.51 per US gallon.

The reason given for the increase is a 16% increase in the cost of a gasoline worldwide which is absorbed somewhat with a strengthening shekel against the US dollar. Of the NIS 5.96 per liter of gasoline, the cost is actually NIS 3.89 a liter and the remainder, 66%, is taxes and VAT.

(YWN – Israel Desk, Jerusalem)