The government-controlled price of gasoline will go up to a new record at midnight, January 31. The price of self-service 95 octane gasoline will go up 1.68% to NIS 7.26 per liter from NIS 7.14. The NIS 0.13 per liter fee for full service is unchanged.
The Ministry of Transport attributes the increase to a 1.39% ($0.01 per liter) rise price of CIF La Vera trade prices for fuels in the Mediterranean basin, which comprises 32% of the cost of fuel in Israel. The shekel-dollar exchange rate rose 2.9% in January, also contributing NIS 0.12 per liter, plus VAT, to the rise in price of gasoline.
MKs are trying to reverse the hike in excise on fuel, which came into effect on January 1, but the Ministry of Finance opposes this effort. The Knesset Economic Affairs Committee will discuss the matter this week.
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2011
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