Gasoline price to rise to NIS 7.29 per liter

The VAT-free price of self-service 95- octane gasoline in Eilat will rise to NIS 6.28 per liter, full-service fee will rise to NIS 0.18 per liter.

By YOSSI NISSAN / GLOBES
A man fills his tank at a gas station (photo credit: Marc Israel Sellem)
A man fills his tank at a gas station
(photo credit: Marc Israel Sellem)
The price of self-service 95-octane gasoline will rise NIS 0.02 per liter, 0.3 percent, at the end of the month to NIS 7.29 per liter, the National Infrastructures Ministry announced Tuesday. The service charge for full-service gasoline will rise 5% to NIS 0.21 per liter.
The VAT-free price of self-service 95- octane gasoline in Eilat will rise to NIS 6.28 per liter, and the full-service fee will rise to NIS 0.18 per liter.
The drop in the price of oil during September partly offset the excise hike on gasoline, from NIS 2.86 per liter to NIS 2.95 per liter, following the expiration of the temporary directive cutting the excise during September. The price of gasoline is based on the average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin, which are then converted from dollars into shekels.
The CIF La Vera trade prices for oil accounts for 38% of the retail price of gasoline in Israel; the excise accounts for 39%, VAT accounts for 14%, and the fuel companies’ marketing margin accounts for 8%.
The Finance Ministry has not yet extended the directive. On July 31, it cut the excise on gasoline by NIS 0.31 per liter, under pressure from Prime Minister Binyamin Netanyahu to avoid a NIS 0.31 per liter price hike in gasoline for August caused by higher oil prices. On August 31, the excise was raised NIS 0.22 per liter.