Gasoline to drop 36 agorot in November

he maximum price of self-service 95-octane gasoline will fall to NIS 7.58 in November, full-service will be NIS 7.76.

October 30, 2012 23:25
Gasoline prices [illustrative photo]

Gasoline prices gas tax 311. (photo credit: Marc Israel Sellem)

Motorists are about to receive some long-awaited relief: The maximum price of self-service 95-octane gasoline will fall 36 agorot to NIS 7.58 in November, the Energy and Water Ministry announced Tuesday.

The price of gasoline has dropped significantly since it hit a record high NIS 8.25 per liter in September on the back of several months of increases in the cost of oil and the continued depreciation of the shekel against the dollar.

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The price of gasoline is set by the ministry each month according to the following components: the cost of oil (NIS 2.84 in November); excise tax (NIS 2.99); marketing margins (NIS 0.64); plus 17 percent VAT on the three aforementioned components.

In addition, there is a full-service fee of NIS 0.18, which brings the maximum price in November to NIS 7.76.

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