Gasoline prices to rise 4%

Due to the turmoil in Libya, the price of a liter of 95 octane gasoline will climb to a record NIS 7.30.

February 28, 2011 04:57
1 minute read.
Gasoline prices [illustrative photo]

Gasoline prices gas tax 311. (photo credit: Marc Israel Sellem)

The government controlled maximum price of gasoline will rise four percent at midnight on Monday to record heights, following the jump in prices of crude oil on global markets due to the turmoil in Libya.

The price of a liter of 95 octane gasoline at self-service pumps will climb NIS 0.28 to NIS 7.30. The NIS 0.13 surcharge per liter for being served by a pump attendant will remain unchanged.

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In the duty free zone of Eilat, the price of a liter of 95 octane will climb to NIS 6.31, a 3.95 percent rise on the previous month. The NIS 0.12 surcharge per liter being served by a pump attendant in the Red Sea resort city will also remain unchanged.

The Ministry of National Infrastructures reported that the international price of gasoline, which represents 36% of the price, rose by $0.09 over the past month, while the NIS/$ exchange rate fell 0.95%, thus resulting in a rise of NIS 0.28 per liter of 95 octane gasoline including VAT. Market margins, 10% of the price, remain unchanged as does excise which comprises 40% of the price.

Meanwhile, the ministry is close to completing its inquiry into the marketing margin of fuel companies, while weighing up the option of freezing the upcoming update of the marketing margin in the price of gasoline, which is scheduled to take place at the beginning of April.

The marketing margin is one of the three elements of the sale price of gasoline, and constitutes the difference between the price of oil at gas stations and the price of purchasing it from the refinery.

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