The price of self-service 95 octane gasoline could fall to around NIS 7.70 per liter from the current price of NIS 7.94 per liter.
The price of gasoline will fall by NIS 0.20-0.30 per liter on November 1, indicates an analysis of trends in the price of oil and the shekel-dollar exchange rate.
The price of gasoline for November will be based on the average trading price of average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin on the last four trading days in October, which are then converted from dollars into shekels. On this basis, the price of self-service 95 octane gasoline could fall to around NIS 7.70 per liter from the current price of NIS 7.94 per liter.
In September, the price of gasoline, which is controlled by the government, reached an all-time high of NIS 8.25 per liter, up NIS 0.55 per liter from the previous month, due to the sharp rise in the price of oil in August. Brent crude price have since fallen as tensions between Israel and Iran have eased. The shekel has also strengthened against the dollar, in line with other currencies.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2012
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