December 5, 2022

california cargiver

Awesome Business

Fuel price will jump in December if excise cut extended

1 min read

If the cut in excise duty is extended by two weeks, the cost of filling the average car tank will rise by NIS 50 on December 1.

The temporary cut in excise duty on fuel introduced by the outgoing government will apparently be extended by just two weeks, and will end on December 1. This emerges from a draft ordinance published by the Ministry of Finance in an abbreviated procedure.

Unless the ordinance is extended, the price of fuel will jump tomorrow night (Tuesday) by about NIS 0.50 per liter of gasoline. The current price at fuel stations, after the cut in the excise, is NIS 6.46 per liter. The cost to the state of extending the ordinance by two weeks is estimated at 75 million, which will be in addition to nearly NIS 2 billion that the public purse has lost since the tax reduction was introduced in April.

If the ending of the tax reduction is postponed, fuel prices will jump at the next price review, which will come into force at the beginning of December. The price will jump by about NIS 1 per liter, adding about NIS 50 to the cost of filling the fuel tank of the average car.

Published by Globes, Israel business news – – on November 14, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Gasoline pumps in Israel Photo: Tamar Matsafi

Gasoline pumps in Israel Photo: Tamar Matsafi

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