Gasoline to hit record NIS 8.25 per liter

August 30, 2012 13:39

The maximum price of self-service 95-octane gasoline will rise 55 agorot to a record-high NIS 8.25 per liter in September, the Energy and Water Resources Ministry announced Thursday.

Motorists will absorb the blow in two stages: at midnight Friday, the price will adjust from the current NIS 7.70 to NIS 7.77 as value-added tax increases from 16 percent to 17%; the following night it will reach NIS 8.25, in accordance with the ministry’s instructions.

Soaring global oil prices and the continued depreciation of the shekel against the dollar both contributed to the increase. The previous record price motorists paid for a liter of self-service gasoline was NIS 7.79 in April this year.

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