The price of gasoline will hit a near all-time high next Tuesday at midnight.
The price of 95 octane self-service gasoline will rise to NIS 7.46 per liter, an increase of 3.18%, or NIS 0.23 per liter. Gasoline reached an all-time high of NIS 7.62 per liter in May 2011.
Full-service 95 octane gasoline will cost NIS 7.67 per liter, including NIS 0.21 per liter service fee. Self-service gasoline will cost NIS 6.42 per liter in VAT-free Eilat, up NIS 0.18 per liter or 3.22%, and the cost of full-service gasoline will rise to NIS 6.60 per liter.
The government sets the maximum price of 95 octane gasoline. The price hike is due to the rise in the price of oil due to the EU decision to impose an oil embargo against Iran, and Iran's threats to close the Straits of Hormuz, through which 35% of the world's oil is carried from Persian Gulf oilfields.
The price of gasoline is based on the average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin, which are then converted from dollars into shekels.