Israel Fuel Prices Expected to Surge by 40 Agorot Next Week Amid Iran Tensions

Fuel prices in Israel have experienced significant volatility over the past year, alternating between sharp surges and sudden drops.

Fuel prices in Israel are expected to rise by approximately 40 agorot per liter starting next week, according to a report broadcast on N12 on Thursday. The increase is driven by mounting tensions with Iran and rising global oil prices, with the final price to be determined toward the end of the month.

This follows a recent drop in fuel prices following an adjustment to the excise tax on gasoline. The maximum price for a liter of 95 octane unleaded gasoline at self-service stations (including VAT) had dropped to 7.75 NIS per liter, marking a 50 agora decrease from the previous update. The full-service surcharge remained unchanged at 26 agorot per liter.

Earlier in the month, a dramatic price hike occurred after the Fuel and Gas Administration at the Ministry of Energy and Infrastructure announced updated controlled fuel prices. The maximum price for a liter of 95 octane unleaded gasoline reached 8.25 NIS per liter, an increase of 16 agorot from the previous update.