Israeli Gas Prices Skyrocket to All-Time High of $10.17 per Gallon
Gasoline prices in Israel have reached an all-time high of NIS 8.27 per liter, equivalent to $10.17 per gallon, following a surge in global gasoline prices and a strengthening US dollar exchange rate.
The price hike comes after a 13% jump in worldwide gasoline prices, driven by rising crude oil prices and concerns over supply chain disruptions and energy market vulnerability.
Finance Minister Bezalel Smotrich intervened last month to prevent drivers from absorbing a sharp price hike of approximately 60 agorot per liter, signing a temporary reduction in the fuel excise tax that brought the price of gasoline down to NIS 7.75 per liter.
However, despite this temporary reprieve, rising global oil prices have erased much of the savings passed on to drivers in less than a month, leading to the current record-breaking prices.