BREAKING NEWS

Price of gasoline to drop to NIS 7.86 per liter in May

By NADAV SHEMER

APRIL 29, 2012 17:06

The maximum price of full-service 95-octane gasoline will drop 14 agorot to NIS 7.86 per liter on May 1, the Energy and Water Resources Ministry announced Sunday.

The price would have been reduced by an additional 10 agorot if not for the government’s cancellation of a temporary cut in the gasoline excise. Prime Minister Binyamin Netanyahu intervened three times in the first four months of the year to ensure gasoline did not rise above NIS 8 per liter – considered a psychological threshold for consumers.

A spike in global oil prices in the first quarter and the shekel’s depreciation against the dollar both contributed to a gradual increase in the price Israeli motorists pay for gasoline in the first four months of 2012.

The price of gasoline is set by the Energy and Water Ministry each month according to five components: the cost of oil (NIS 3.17 per liter in May); excise tax (NIS 2.84); marketing margins (NIS 0.59); 16% VAT on the three aforementioned components; plus a full service of NIS 0.21.

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