After having risen 12% so far this year, gas prices will be going down Motzoei Shabbos at midnight. The new maximum price for a liter of 95 octane gas will be NIS 6.37 ($6.65/gallon). The price represents a fall of NIS 14 agurot from current price levels. That increase at the beginning of May represented a 19-agurot increase from the levels in April.
Gas prices in Israel are government-controlled, in that a maximum price is set (although many gas stations discount gas for members of their customer club). The prices are set at the end of the calendar month, and are based on deliberations made by a committee made of representatives of the Economy and Infrastructure Ministries. The price is usually tied to the international price of crude oil, which has shot up in recent weeks.
While the price per liter of gas is high, it should be noted that the actual refined gasoline in a liter of Israeli gas accounts for only 32% of the pump price – with taxes accounting for the other 68%.