Israel's gas prices set to hit 14-year high, more than double U.S. rates
At the new price - roughly 2.77 USD per liter, or 10.48 USD per gallon - Israel ranks among the most expensive countries in the Western world for gasoline
Israel's fuel prices are set to hit a 14-year high on September 1, matching a record last seen in September 2012. According to the Ministry of Energy and Infrastructure's Fuel and Gas Administration, the maximum consumer price for a liter of 95-octane unleaded gasoline at self-service stations will climb 16 agorot (Israeli Cent) to 8.25 shekels. At the new price - roughly 2.77 USD per liter, or 10.48 USD per gallon - Israel ranks among the most expensive countries in the Western world for gasoline.
By comparison, drivers in the Netherlands pay about 2.72 USD per liter and in Germany about 2.60 USD. Prices are lower still elsewhere in Europe: 2.39 USD in France, 2.32 USD in Italy, 2.11 USD in the United Kingdom, and 2.00 USD in Spain. The gap is starkest against North America. Canadian drivers pay around 1.45 USD per liter, while in the United States gasoline runs about 1.08 USD per liter - meaning Israeli motorists will soon be paying more than double what Americans pay at the pump. Converted to gallons, the average U.S. price is 4.08 USD, against 10.48 USD in Israel.
Drivers who prefer full-service fueling will pay an added surcharge of 26 agorot per liter, one agora higher than the previous month. In the tax-free city of Eilat, the self-service price ceiling will rise 14 agorot to 6.99 shekels per liter, while the full-service surcharge there ticks up one agora to 22 agorot per liter.
The increase stems from a mix of global price movements and domestic regulatory adjustments. Internationally, gasoline prices rose about 6 percent over the past month, an increase partly offset by a 3 percent slide in the U.S. dollar against the shekel - together adding roughly 10 agorot per liter. On the domestic side, Israel's Tax Authority raised fuel excise tax in line with the consumer price index, adding about 5 agorot per liter, while a semi-annual adjustment to marketing margins tacked on one further agora. Combined, these factors bring the total increase to the scheduled 16 agorot per liter.
