The price of Octane 95 gasoline will reach NIS 7.14 per liter on Sunday, the highest it’s ever been. The 6.4 percent hike will take effect on midnight between Saturday and Sunday.
The sharp rise is a result of both a rise in the price of oil and a government decision to raise taxation on fuel. The new price does not include the 13 agorot fee paid at pumps served by gas station attendants.
The price raise is expected to raise the Israel Tax Authority's income by NIS 1.3 billion over the year.