Price of gasoline set to drop 36 agorot

October 30, 2012 16:50

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 Resources 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.

The price of gasoline is set by the Energy and Water 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% 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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