Israel's gas prices to drop NIS 1.25 in August, Liberman announces

Furthermore, the 16% rise in electricity prices that was announced on Wednesday will instead be 8.6%, the finance minister said.

 Illustration image of a man fueling his car at a gas station, in Jerusalem, on June 28, 2022. (photo credit: OLIVIER FITOUSSI/FLASH90)
Illustration image of a man fueling his car at a gas station, in Jerusalem, on June 28, 2022.
(photo credit: OLIVIER FITOUSSI/FLASH90)

Gas prices will drop NIS 1.25 per liter at the beginning of August, Finance Minister Avigdor Liberman said Thursday.

Furthermore, the 16% rise in electricity prices that was announced on Wednesday will instead be 8.6%, he told KAN News.

Gas prices have been rising steadily since they set an eight-year record in February after the Russian invasion of Ukraine. In July, the price rose from NIS 7.72 per liter to NIS 8.08.

Dealing with rising prices

Prime Minister Yair Lapid on Monday said gas prices would be lowered in an effort to counteract the high cost of living.

 Bread for sale at the Rami Levy supermarket in Jerusalem on July 17, 2022 (credit: YONATAN SINDEL/FLASH90) Bread for sale at the Rami Levy supermarket in Jerusalem on July 17, 2022 (credit: YONATAN SINDEL/FLASH90)

Over the past month, the prices of eggs and bread, which are controlled by the government, have increased.

In an effort to manage the high cost of living, Lapid and Economy Minister Orna Barbivay have formulated a plan to keep the price hikes within reasonable limits.