Business in Brief

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Gasoline price due to drop tonight

Gasoline prices are due to drop by 5.5% as of midnight tonight, with the price of 95 octane fuel at self-service pumps down 43 agorot to NIS 7.42 a liter, the Energy Ministry said yesterday. Motorists have to pay 18 agorot more per liter at full-service pumps. The reason for the drop, which follows a 3.3% increase a month ago to NIS 7.85 a liter, is due to a 10% decline in is gasoline prices in the Mediterranean Basin countries, which serves as a baseline for Israeli prices. In addition, the dollar lost some 2.6% of its value against the shekel since the end of August. (Avi Bar-Eli)

Court approves NIS 7.5m settlement with filling stations

A group of nine filling station owners accused of overcharging will provide some NIS 7.5 million in benefits to consumers under a settlement tentatively approved last week by Tel Aviv District Court Judge Amiram Binyamini last week. The nine were accused in a suit filed in 2007 of violating a government directive that filling stations cannot impose surcharges when an attendant fills a tank if they do not offer a minimum number of self-service pumps. Under the settlement, those who were improperly charged have a year to request a charge entitling them to the self-service rate when the use a full-service pump. Afterwards, the balance will be offered in discounts at the stations' convenience stories for the general public. (Yasmin Gueta)

Sunday's Value Added Tax (VAT) hike also pushed fuel prices up. Credit: Moran Maayan