Another Rise in Gas Prices Coming in March

By Aryeh Stern

Effective midnight on Thursday, March 1, the maximum price for government-controlled 95 octane gasoline at self-service pumps in Israel will increase by NIS 0.13 per liter to reach NIS 7.51 per liter, according to the Ministry of Energy and Infrastructure.

The full-service charge at pumps, assisted by gas station attendants, will remain at NIS 0.22. This adjustment marks the highest gasoline price since July 2022, attributed to factors such as the Russia-Ukraine war, the shekel-dollar exchange rate’s volatility, and rising oil prices on global markets.

Finance Minister Bezalel Smotrich’s decision to restore the previous excise tax level also contributes to the price hike, reversing reductions implemented between April 2022 and the end of 2023. The removal of these cuts is part of the revised 2024 state budget and is expected to recover over NIS 1 billion in lost revenue from the previous year.

Since the beginning of 2024, the price of a liter of gasoline has risen by NIS 0.57.