BREAKING NEWS

Gov't freezes gasoline prices for one month

By AMIRAM BARKAT/GLOBES

JULY 31, 2011 15:29

The government will absorb the higher price for gasoline in August by cutting the excise, under an agreement between Finance Minister Yuval Steinitz and National Infrastructure Minister Uzi Landau Sunday.

The price of self-service 95 octane gasoline was due to rise at midnight Sunday night by NIS 0.31 per liter to NIS 7.53, a near all-time high. However, Steinitz signed a directive cutting the excise - which accounts for 40 percent of the retail price of gasoline - by the amount of the increase. The directive will be valid until September 1.

During August, the National Infrastructure Ministry's prices committee was due to decide whether to reduce the fuel companies' marketing margin, which currently amounts to NIS 0.70 per liter. Steinitz and Landau agreed that if the committee cannot reach a decision by the end of August, the marketing margin will be cut by NIS 0.15 per liter, and the excise will be cut by the same amount, which will lower the price of gasoline by NIS 0.30 per liter.

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