Energy Ministry: Prices of fuel to drop further overnight Thursday
In May, gasoline prices will be at their lowest level since January 2009.
By EYTAN HALONA man fills his tank at a gas station(photo credit: Marc Israel Sellem)
Prices of fuel will drop a further 10 agorot in May, the Energy Ministry said, continuing their slide amid a dramatic slowdown in global energy consumption.One liter of 95 octane gasoline will not exceed NIS 4.79 including VAT, said the ministry. Full-service pumps will cost a maximum of NIS 5.00 per liter.In April, gasoline prices were slashed by NIS 1.03 to a total of NIS 4.89 per liter, their lowest level since January 2009. Prices have repeatedly declined since December 2019, when prices stood at NIS 6.16 per liter.Oil prices have plunged worldwide as measures to counter the coronavirus outbreak have dramatically slowed global consumption. Reflecting the slowdown, British energy giant BP announced that profits for the first quarter of 2020 dropped by two-thirds to $0.8 billion. compared with $2.4b. during the same period last year.“We are dealing with an exceptionally challenging environment and the unprecedented effects of demand destruction and price impacts that can be seen in these results are expected to continue through the second quarter,” said BP chief financial officer Brian Gilvary.
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