Higher crude oil prices and higher taxes result in more to pay at the pump.
The price of 95 octane gasoline will rise 6.4% on Saturday night, New Year's, to NIS 7.14 per liter, an increase of NIS 0.43. The price of 95 octane gasoline in VAT-free Eilat will rise to NIS 6.17 per liter.
The price of CIF La Vera trade prices for fuels in the Mediterranean basin, which comprises 32% of the cost of fuel in Israel, rose by $0.05 per liter in December (9.21%), boosting the domestic price of fuel. The increase in the trade prices reflect the increase in the price of crude oil to over $90 per barrel.
In addition, the Ministry of Finance is again increasing the excise on fuel, this time by NIS 0.23 per liter (8.2%). Excise accounts for 43% of the price of gasoline.
Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2010
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