Rising fuel prices are continuing to affect Israelis’ pockets. Gasoline prices are due to rise 4% on Thursday, September 1, and diesel prices 11%, imply forecasts made by the Ministry of National Infrastructures today.
The hike in diesel prices reflect a 6.8% rise in oil prices, plus a hike in the excise tax on diesel from NIS 0.69 per liter to NIS 1 per liter. The excise tax hike, which comes into effect on September 1, is part of a reform equalizing excise taxes for gasoline and diesel.
The price for 95 octane gasoline will rise 4.24% to NIS 5.79 per liter; 96 liter octane gasoline will rise 4.21% to NIS 5.83 per liter; liquid petroleum gas (LPG) (cooking gas) is expected to rise 12%; and jet fuel is expected to rise by 11%.
It is not certain that the fuel companies will raise the price of diesel for consumers, because they raised prices in August.
The expected rise in gasoline prices is a direct consequence of the surge in the price of oil on international markets. Record oil prices of $67 per barrel, and even exceeding $68 on one day, were reached during August.
Published by Globes [online], Israel business news - www.globes.co.il - on August 28, 2005