Israel Gasoline Prices Due to Drop

Gasoline prices will drop of about 13 cents a liter starting on Sunday, following a sharp decline in global petroleum prices

A gas station in Tel Aviv, March 23, 2018.
Ofer Vaknin

Gasoline prices will drop of 47 agorot (about 13 cents) a liter starting on Sunday, following a sharp decline in global petroleum prices, which is being partly offset by a strengthening of the dollar against the shekel.

The Energy Ministry said on Thursday that after midnight on Saturday night, the price for 95 octane gasoline at self-service pumps cannot exceed 6.01 shekels a liter, including value-added tax. The added cost for full-service pumps remains 21 agorot, unchanged from the previous month, it said.

In Eilat, where there is no VAT, self-service 95 octane gas goes down to 5.13 shekels a liter, a drop of 41 agorot. Gas at full-service pumps will cost an additional 18 agorot.

World oil prices were set on Thursday for their biggest one-month fall since the financial crisis in 2008, having lost about 22% in November.The reason is a rise in crude supply from the U.S., together with Saudi Arabia’s insistence that it will not cut output on its own to stabilize the market.