The price of self-service 95 octane gasoline will fall by NIS 0.23 per liter at midnight Sunday to NIS 7.03. Finance Minister Yuval Steinitz signed the directive cutting the excise on gasoline by NIS 0.20 per liter. The balance of the difference is VAT.
On Thursday, Prime Minister Binyamin Netanyahu announced, as part of his concessions to the public anger to rising prices, that he will eliminate the hike in the gasoline excise, which came into effect on January 1.
Netanyahu said, "Economies recovering from the 2008 crisis are consuming much more energy, and using much more oil. The price of oil has doubled. Prices for commodities are also rising all over the world, including in Israel. To this we must add the uprising in the Middle East, which does not contribute to certainty in oil supplies, and pushes prices up. What is guiding me today is responsibility and stability, even during the current crisis.
"The question now is what to do in the face of distress caused by rising commodities prices. We're an important country, but we have no control over the global price of oil. The US doesn’t control it either, and it is possible that the price of oil will continue to rise."