One liter of 95 octane gasoline will cost NIS 4.89 including VAT, marking a reduction of NIS 1.03 or 17.4% since March.
Oil prices have plunged as measures to counter the coronavirus outbreak have dramatically slowed global consumption, and as a price war between Saudi Arabia and Russia drags on.
According to a forecast published by S&P Global Platts Analytics on Thursday, daily global oil demand is expected to decline by around 4.5 million barrels in 2020.