Gas prices will drop by 11 agorot on November 1st at midnight, Wednesday to Thursday, the Ministry of Energy announced. Last month the price of fuel remained unchanged.

The maximum price per liter of unleaded 95 octane gasoline at a self-service station (including VAT) will not exceed NIS 6.48, and an additional full-service fee will be 21 agorot per liter (including VAT), unchanged from the previous month.

To give readers from outside of Israel some perspective; that means, the price above, based on the official Bank of Israel closing rate of October 30, 2018 of $1=NIS 3.70, a US gallon of 95 octane gasoline is $7.00! (Four liters is the equivalent of 1.05 US gallons).

The maximum price per liter of unleaded 95 octane gasoline at a self-service station in Eilat (excluding VAT) will not exceed NIS 5.54, a decrease of 9 agorot from the previous month, and an additional full-service charge will be 18 agorot per liter (excluding VAT), unchanged from the previous month.

The reason for the decline in the price of fuel: a drop of about 7% in the price of oil, which was offset with a 2.8% increase in the dollar exchange rate. It should be noted that more than 60% of the price of fuel is tax imposed by the state – excise tax and VAT.

(YWN Israel Desk – Jerusalem)