Israel Slashes Fuel Tax Amid Global Oil Price Spike

Israel's Finance Minister Bezalel Smotrich has signed an order to cut the country's fuel excise tax for two months. This move comes as a result of rising global oil costs and tensions in the Middle East, which have pushed up gasoline prices in Israel.

The price of gasoline in Israel reached an all-time high on September 1, at $2.74 per liter, or 8.25 shekels per liter. The 'blu' tax, or fuel excise tax, accounts for about 44% of the price, which is currently 3.66 shekels per liter.

Smotrich has ordered a 0.5 shekel per liter cut in the tax, bringing the price of gasoline to 7.75 shekels per liter as of midnight on Monday. This decision aims to ease record-high gasoline prices and provide relief to Israeli citizens.