Gas Prices Jump Overnight Thursday

A gas station in Israel. (Danielle Shitrit/Flash90)

Following trends worldwide, gasoline prices in Israel jumped overnight Thursday. The price of the most popular gasoline blend, 95 octane, rose 14 agurot when the clock struck midnight Thursday night, an increase of 2.17 percent over the previous price. Gas prices are adjusted once a month, on the first of the month of the secular calendar.

The full price of a liter of 95 octane gas (self-service) is NIS 6.60 ($7.13 a gallon, at current exchange rates). The June increase was actually milder than that of May, when the price went up 25 agurot a liter.

The increases are attributed to the general increase in oil prices on worldwide markets. That increase accounted for 12 agurot a liter, according to industry experts quoted in Yisrael Hayom. The other two agurot were a tax adjustment, as the value added sales tax (VAT) rose 2 agurot on a liter of gasoline.

That increase has been trending since at least the beginning of the year. Since January 1, the price of gas has risen 54 agurot a liter, and since last June the increase has been 86 agurot a liter. As a result of the latest increase, the tax element of the price of a liter of gas is now 61 percent.