BREAKING NEWS

Gasoline prices to rise 3% Saturday night

By OMER RABIN / GLOBES

APRIL 28, 2011 12:36

The price of self-service 95 octane gasoline will rise 3.11% - NIS 0.23 per liter - to NIS 7.62 per liter at midnight Saturday, April 30. The price in Eilat (where there is no VAT) will be NIS 6.59 per liter. The full service surcharge is unchanged.

The Ministry of National Infrastructures said that the 9% rise in the price of CIF La Vera trade prices for fuels in the Mediterranean basin, which accounts for 39% of the price of gasoline in Israel, was responsible for the price hike.

In addition, the government raised the excise on gasoline by 1.1%, or NIS 0.03 per liter. Since Prime Minister Benjamin Netanyahu responded to public pressure on fuel prices in February and rescinded the excise hike introduced a month earlier, the price of gasoline has climbed 8.4%.

The price of oil has climbed to $113 per barrel as the upheavals in the Middle East continue, and the civil war in Libya disrupted supplies.

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